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• • 5. Reduces the burden of impact and user fees on building contractors and homeowners when a service must be provided under the County s Comprehensive Plan. 6. Debt burden is reduced: A steady stream of revenue for capital projects reduces the need to rely upon outside debt as a funding source, as well as the resultant interest expenses incurred. Generally, bond issues and other forms of debt, and their issuance and borrowing costs, often increase property taxes or impact revenue streams which are needed for the County's operating expenses. Certainly any way that the County can realistically reduce reliance upon outside debt as a revenue source is desirable. 7. Cities and County Share Revenue: The sales tax is not just received by the County. All municipalities receive a proportionate share of the sales tax for their infrastructure needs The distribution is based upon the formula established in Chapter 218.62, Florida Statutes. Future Capital Projects -Prioritization of Projects As stated earlier, the original voter referendum only extended the Local Option One Cent Sales Tax until 2004. As the population of our County continues to increase the sales tax will prove an advantageous way to fund the necessary projects and services that our expanded populace will require for its safety and well-being. Recently, the County Administrator's Office asked the Departments to analyze the County's infrastructure needs over the coming years and submit proposals from their perspective. When this analysis was complete projects totaling over $150 million in combined capital expenditures were submitted for the Administrator's review. This office then reviewed and rated these projects according to urgency. Of the over $150 million in capital requests originally submitted, only $61 million in revenues are available in the first frve years to fund the submitted projects. Projects considered having the highest priority were included for funding in this first five year period. Some of the less critical projects will be considered for funding in the second or third five year periods in the context of the County s infrastructure needs in that future time. A preliminary schedule of proposed projects for the first five year period, October 151, 2004 - September 30`h, 2009 is on file in the BCC office. This schedule provides a brief description of each project and its originating department, as well as estimated construction costs and operating expenses over this five year period (Operating expenditures are not funded by this tax, and are included for information purposes only). Larger Projects under consideration for the period October 1, 2004 -September 30, 2009 Highlighted below is a tentative list of some of the larger projects under consideration in the 2004-2009 period. This is by no means a final list, rather it is submitted merely for discussion purposes. 1. More people bring more vehicles, and so road and bridge projects remain a high priority. The 43`d Avenue comdor is slated for expansion to 4 lanes from 8`h to 26th Streets, to address increasing traffic congestion and accidents in that area ($2,000,000). Bridges at the Lateral A Canal, east of 66t Avenue are in critical need of repair ($5,000,000). In the North County, residents there can benefit from left turn lane improvements at the intersections of a number of streets and heavily traveled 58th Avenue (estimated cost, $900 000), and a proposed four lane widening of County Road 512 ($1,000,000). In total, $19,400,000 will be needed from Optional Sales Tax for road improvement projects over the next five years MAY 21, 2002 -47- 75