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through 2016/17). As a result of the slight increase in forecasted revenue and an associated increase <br /> in projected demand for public facilities, no significant reductions in the overall Capital <br /> Improvements Program have been made. Consequently, the 2013/14 through 2016/17 CIP has fewer <br /> projects where the construction timeframe was extended,than was the case with the 2012/13 through <br /> 2015/16 CIP. <br /> For those projects that did have their timeframes extended, none will impact development project <br /> concurrency reservations. Because the County is slowly recovering from the depressed housing <br /> market, it is anticipated that the capacity associated with most of those improvement projects will not <br /> be needed until later dates. <br /> One of the roadway segments that had its available capacity increase over the last few years is C.R. <br /> 510 between 66th Avenue and C.R. 512. Because the counts on the roadway declined, there is now <br /> more available capacity than there was previously. For that reason, the construction date for the <br /> roadway improvement project for C.R. 510 between 66th Avenue and C.R. 512 is being extended by <br /> 1 year. That in turn will free up funding for use in other transportation projects. <br /> While some transportation projects are being rescheduled to later years of the CIP,there are several <br /> factors that are expected to increase available capacity in the short term. One such factor is that <br /> concurrency certificates for some development projects with vested trips will expire soon. At that <br /> time, the reserved trips reflected by those projects will be removed from the concurrency <br /> management system. Another factor is that traffic counts are continuing to decrease on most <br /> roadways. Those new traffic counts will soon be reflected in the County's concurrency management <br /> �.. system. At that time, the decreased demand will have the effect of increasing the available capacity <br /> on County roadways and will likely further decrease the need for scheduling, financing, and <br /> constructing transportation projects in the County's CIP. <br /> By extending the timeframe of transportation projects, the County can utilize its limited resources to <br /> complete priority concurrency related projects within the overall capital improvements program. In <br /> effect, the County needs to delay some projects so that other projects will remain fundable with a <br /> diminished County budget. By funding only necessary projects, the County is also maintaining a <br /> financially feasible capital improvements element. <br /> Financial Feasibility <br /> Although state statute no longer requires local capital improvements programs to be financially <br /> feasible, Indian River County's CIP is financially feasible. <br /> Overall, the CIP includes a summary of revenues and expenditures. The revenue and expenditure <br /> summary is included to demonstrate the financial feasibility of the CIP. That summary is included <br /> on page 14 of Appendix A of the CIP and shows that, in fact, the County's Capital Improvements <br /> Program is financially feasible over the 5 year period. <br /> 5 <br /> 104 <br />