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capital improvements element. Financial Feasibility Although state statute no longer requires local capital improvements progra ,,Ito be financially feasible, Indian River County's CIP is financially feasible. Overall, the CIP includes a summary of revenues and expenditu/at venue and expenditure summary is included to demonstrate the financial feasibility of tsummary is included on page 20 of Appendix A of the CIP (see attachment 4) and showct, the County's Capital Improvements Program is financially feasible over the 5 year palancing revenues and expenditures. Indian River Lagoon Projects At the August 16, 2016 Board of County CommissionersAceting, the Board directed staff to commit to spending 20% of the proceeds of the first five years f the extended one -cent local option sales tax on lagoon -related projectsif the tax was renewed by e voters in November 2016. On November 8, 2016, Indian River County residents voted to ext d the one -cent local option sales tax effective January 1, 2020 through December 31, 2034. C/o sequently, the County has a goal of spending 20% of the one cent optional sales tax proceeds oniiagoon-related projects for the first five years of the extension, starting with January 1, 2020 p�d ending with December 31, 2024 (FY 2019/20 — 2024/25). With the approval of the extension off ie one -cent local option sales tax, the proposed 5 year Capital Improvements Program schedule a ocates at least 20% of projected one -cent local option sales tax revenue to lagoon related project7 during the portion of the FY 2019/20— 2022/23 period covered by the proposed plan. As proposed, the CIP directly allocates $14,413,997 out of a total of $76,723,733 in projected one -cent local tion sales tax revenue to lagoon related projects from Fiscal Years 2019/20 through 2022/23. or this CIE, the 20% applies to 75% of Fiscal Year 2019/20 one -cent local option sales tax re enue (Fiscal year starts on October Is' 2019, sales tax reservation starts January 1`2020) and 0% of the one -cent local option sales tax revenue for Fiscal Years 2020/21— FY 2022/23. The 20% allocation is almost entirely within the Stormwater Management section ($13,713,997), with a sVartion addressed in the Conservation and Aquifer Recharge section ($700,000) of the CIP. Thn benefiting projects listed in the Stormwater section and in the Conservation and Aquiferrge section of the proposed Capital Improvements Element include the following: •/ PC North - North Relief Canal Treatment System PC Main Screening System — Upgrade Conveyor Systems No. 1 and 2 Osprey Acres Floway and Nature Preserve rel 191