Laserfiche WebLink
Indian River County 1 Impact Fee Update Study <br />Table D-3 <br />County Gas Tax Equivalent Pennies (Sales Tax ONLY) <br />Source <br />Projected CIP Expenditures (FY 2014-2017)(1) <br />Historical County Expenditures (FY 2008-2013)(2) <br />Total <br />Cost of Number of <br />Projects Years <br />$59,458,414 <br />$22,319,296 <br />$81,777,710 <br />4 <br />6 <br />10 <br />Revenue <br />from 1 <br />Penny(3) <br />$739,909 <br />$739,909 <br />$739,909 <br />Equivalent <br />Pennies(4) <br />$0.201 <br />$0.050 <br />$0.111 <br />(1) Source: Table D-6 <br />(2) Source: Table D-6 <br />(3) Source: Table D-1 <br />(4) Cost of projects divided by number of years divided by revenue from 1 penny (Item 3) divided by 100 <br />State Gas Tax Expenditures <br />In the calculation of the equivalent pennies of gas tax from the State, expenditures on <br />roadway capacity expansion spanning a 10 -year period (from FY 2009 to FY 2018) were <br />reviewed. For calculation purposes, the 10 -year period was broken into two increments; <br />historical (FY 2009-2013) and future (FY 2014-2018). Information on historical projects' <br />funding and the future year estimates was obtained from the FDOT Work Programs and the <br />County's FY 2014-2018 Transportation Improvement Program (TIP). The use of a 10 -year <br />period, for purposes of developing a State credit for roadway capacity expansion projects, <br />results in a stable credit, as it accounts for the volatility in FDOT spending in the county over <br />short periods of time. <br />The total cost of the capacity -adding projects for the five-year "historical" period and <br />projected in the five-year Transportation Improvement Program are as follows: <br />• FY 2009-2013 work plan equates to 20.5 pennies <br />• FY 2014-2018 work plan equates to 10.5 pennies <br />The combined weighted average over the 10 -year period of state expenditure for capacity - <br />adding roadway projects results in a total of 15.5 equivalent pennies, which is a slightly <br />higher state credit than what is observed in most other counties. Table D-4 documents this <br />calculation. The specific projects that were used in the equivalent penny calculations are <br />summarized in Table D-7. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 <br />D-4 Impact Fee Update Study <br />2.38 <br />