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Indian River County 1 Impact Fee Update Study <br />Credit Component <br />To ensure that new development is not being overcharged for construction of future student <br />stations, any non -impact fee revenue that will be generated by new development and that will <br />be used towards the capital expansion of school facilities must be included as a credit to reduce <br />the total cost per student. It is important to note that a credit for educational facilities impact <br />fees is not given for revenue generated by new development that is used for capital renovation <br />of existing schools that does not add capacity or for maintenance or operational costs. <br />Based on a review of the District's capacity addition expenditures over the past five years <br />and planned expenditures over the next five years, it has been determined that revenue <br />credits will be calculated for cash expenditures as well as debt service funding. <br />Capital Improvement Credit <br />The Florida Statutes authorizes several sources of revenue for school districts, such as Public <br />Education Capital Outlay (PECO) and Capital Outlay & Debt Service (CO & DS) that can be <br />used for the construction of capital facilities. With regard to state revenue, the District has <br />used both PECO and CO & DS revenue sources as well as Classroom for Kids revenue over <br />the past five years for the construction of additional permanent capacity. In addition, a <br />portion of the local capital ad valorem tax was also used toward the construction and is <br />programmed to be used for the upcoming expansion of Citrus Elementary School. <br />The capital improvement revenue credit per student is calculated by dividing the total <br />amount of capital revenue by the average enrollment during this ten-year period. As <br />presented in Table X-6, the resulting capital improvement revenue available for the capital <br />expansion of public schools in Indian River County $186 per student per year or $3,427 per <br />student over the next 25 years, for non -impact fee funding. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 136 Impact Fee Update Study <br />171 <br />