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of
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<br />3.4 TOTAL RECREATIONAL BENEFITS
<br />Overall, the total recreational value of Indian River beaches to an individual is
<br />estimated as the average value of a day at the beach multiplied by the number of
<br />days spent on average at the beach.
<br />Table 8
<br />Annual Recreational Beach Benefits
<br />Source: Curtis and Moss 1998 and 1999 Indian River County Beach
<br />Users Surveys. Summer survey data revised.
<br />However, the marginal benefit of the project depends upon the assumptions
<br />regarding the impact of beach restoration. In this report, we make the
<br />assumption that the beach will continue to erode and disappear, so the
<br />restoration project "saves" the beach, then the marginal value of the project can
<br />be construed to be the total value of the beach.
<br />RECREATIONAL VALUE OVER THE LIFE OF THE PROJECT
<br />The restoration of the County's beaches has a design life of 30 years. Each
<br />year, for 30 years, the project generates an estimated $3,659,053' in
<br />'This number is an example of rounding. The actual number is $3,659,053.47, which when multiplied by
<br />30 yields $109,771,604.09 the 30 -year total benefit, 77ie $3,659,053 is reported to the nearest dollar, as are
<br />all the values in this report. The $3,659,053.47 value was used in the calculation. This is_iust an example
<br />of why some of the numbers may not appear to add in this chapter.
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<br />Summer
<br />Winter
<br />Tota
<br />County(Island)
<br />$151,874
<br />$228,404
<br />$380,278
<br />County(Main)
<br />$688,767
<br />$418,053
<br />$1,106,820
<br />Tourist (Day)
<br />$292,090
<br />$144,345
<br />$436,435
<br />Tourist (Non Pay)
<br />$278,037
<br />$405,496
<br />$683,533
<br />Tourist (Pay)
<br />$341,749
<br />$710,238
<br />$1,051,987
<br />Total
<br />$1,752,517
<br />$1,906,536
<br />$3,659,053
<br />Source: Curtis and Moss 1998 and 1999 Indian River County Beach
<br />Users Surveys. Summer survey data revised.
<br />However, the marginal benefit of the project depends upon the assumptions
<br />regarding the impact of beach restoration. In this report, we make the
<br />assumption that the beach will continue to erode and disappear, so the
<br />restoration project "saves" the beach, then the marginal value of the project can
<br />be construed to be the total value of the beach.
<br />RECREATIONAL VALUE OVER THE LIFE OF THE PROJECT
<br />The restoration of the County's beaches has a design life of 30 years. Each
<br />year, for 30 years, the project generates an estimated $3,659,053' in
<br />'This number is an example of rounding. The actual number is $3,659,053.47, which when multiplied by
<br />30 yields $109,771,604.09 the 30 -year total benefit, 77ie $3,659,053 is reported to the nearest dollar, as are
<br />all the values in this report. The $3,659,053.47 value was used in the calculation. This is_iust an example
<br />of why some of the numbers may not appear to add in this chapter.
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<br />28
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