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year waiver would provide an incentive of about $6,500, while a three-year waiver would equal almost $4,000. Franchise fees are now the single largest revenue source for the M.S.T.U. Fund. In the current year, franchise fee revenues are estimated to provide $8.5 million in funding. The second largest source, property taxes accounts for $7.5 million. Any significant impact on this .. revenue source needs to be seriously considered prior to moving forward with a change. SUMMARY Staff has some concerns regarding the financial impact of these incentives on the County. These incentives would result in lost revenues or requirements to subsidize fees in an amount that is difficult to predict. Many of the funding sources for these subsidies are General Fund and/or M.S.T.U. Fund dollars. The County has remained on solid financial footing throughout this economic downturn. However, fund balances could be strained for some time to come due to reduced revenues moving forward while the county may face rising costs. The efficacy and cost of each incentive needs to be considered prior to moving forward with additional incentives. Some of these incentives could be implemented at a relatively small cost to the county. However, others may be relatively significant depending upon the implementation of such incentives. Also, the County needs to look at the combined impact of such incentives in the event that multiple incentives are approved. RECOMMENDATION Staff recommends that the board of Commissioners review this financial analysis and provide ,,.. direction to staff regarding further considerations and/or implementation of additional incentives. ATTACHMENTS Financial Analysis of the Impact of New Incentives on Three Job Grant Applicants Indian River Coun A ved Date APPROVED AGENDA ITEM: Administrator Legal '7 BY: Budget . Baird De artment Ooseph ounty Administrator Risk Management FOR: February 12 2013 120