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Indian River County I Impact Fee Update Study Credit Component Gasoline Tax Equivalent Credit The present value of the portion of non-impact fee revenues (converted to equivalent gasoline taxes)generated by a new development over a 25-year period that is projected to be expended on capacity expansion projects is credited against the cost of the system consumed by travel associated with new development. County A review of the County's historical roadway financing program (FY 2008-2013) and the FY 2014- 2017 Capital Improvement Plan (CIP) shows that all roadway projects are being funded by a combination of fuel taxes, sales tax, grants, developer funds, and transportation impact fees. Currently, capacity-adding projects in the county are primarily funded with fuel tax and sales tax revenues. Based on the FY 2014-2017 CIP and discussions with County staff, it was assumed that sales tax revenues will only be available to fund transportation capacity over the next five years, and will not be a recurring revenue source. Therefore, only five years of sales tax revenues are included in the credit calculations. If the sales tax is re-adopted in 2019 or a different revenue source is allocated to the transportation capacity to replace the sales tax revenues, these credit figures may need to be revised. As shown in Table IX-6,the sales tax portion of the county credit was separated from the total county credit and all non-impact fee funding allocated to transportation capacity was converted to equivalent gas tax revenues. A total gas tax equivalent revenue credit of 11.1 pennies was given for sales tax revenues and 5.6 pennies was given for all other revenue sources. State State expenditures on state roads were reviewed,and a credit for the capacity expansion portion attributable to state projects was estimated. The equivalent number of pennies allocated to fund state projects was determined from projects spanning a 10-year period (2009-2018). This period represents past expenditures (from 2009 to 2013)from the FDOT Work Program and the projected expenditures (from 2014 to 2018) from the current Transportation Improvement Program (TIP). A list of capacity-adding roadway projects was developed, including lane additions, new road construction, intersection improvements, interchanges, traffic signal projects, and other capacity-addition projects. This review (summarized in Appendix D,Table D- 3) indicates that MOT spending generates an equivalent gas tax credit of 15.5 pennies of gas tax revenue annually, which is within the range of what is observed in most other Florida jurisdictions. Tindale-Oliver&Associates, Inc. Indian River County June 2014 115 Impact Fee Update Study 150