12/05/2017 - Laserfiche WebLink

Home Browse Search

Project Modifications With the improved economy, County revenue increased in Fiscal Year 2016/17. For all funding sources, except "other sources", County revenue is expected to continue to slowly increase through Fiscal Year 2021/22 above what was previously forecasted in the prior year's Capital Improvements Program. With this year's update, some projects have had their timeframes extended, some have had their funding sources changed as priorities have shifted, and projects previously underfunded have been designated to receive additional projected funding. While some project time frames have been extended, none of the extensions will impact development project concurrency reservations. With respect to transportation projects, available roadway capacity has increased because older, 5 — year concurrency certificates for some development projects with vested trips have expired. Those trips are now reflected as available in the County's concurrency management system and will be used up over a number of years as projects gradually build -out. By extending the timeframe of transportation projects, the County can utilize its limited resources to complete priority concurrency related projects within the overall capital improvements program. In effect, the County can delay some projects so that other projects will remain fundable and so that additional priority projects maybe funded. By funding necessary projects and other priority projects, and by extending the time frames for other projects, the County is maintaining a financially feasible capital improvements element. Financial Feasibili Although state statute no longer requires local capital improvements programs to be financially feasible, Indian River County's CIP is financially feasible. Overall, the CIP includes a summary of revenues and expenditures. The revenue and expenditure summary is included to demonstrate the financial feasibility of the CIP. That summary is included on pages 18 and 19 of Appendix A of the CIP (see attachment 4) and shows that, in fact, the County's Capital Improvements Program is financially feasible over the 5 year period by balancing revenues and expenditures. Indian River Laeoon Proiects At the August 16, 2016 Board of County Commissioners meeting, the Board directed staffto commit to spending 20% of the proceeds of the first five years of the extended one -cent local option sales tax on lagoon -related projects, if the tax was renewed by the voters in November 2016. On November 8, 2016, Indian River County residents voted to extend the one -cent local option sales tax until 3 P2 35