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Indian River County 1 Impact Fee Update Study 1111 Credit Component • • Gasoline Tax Equivalent Credit The present value of the portion of non -impact fee revenues (converted to equivalent gasoline taxes) generated by a new development over a 25 -year period that is projected to be expended on capacity expansion projects is credited against the cost of the system consumed by travel associated with new development. County w ate at% A review of the County's historical roadway financing program FY 2008-2013) and the FY 2014- ar 2017 Capital Improvement Plan (CIP) shows thal roadway projects are being funded by a combination of fuel taxes, sales tax, grants, developer funds, and transportation impact fees. Currently, capacity -adding projects in the countprimarilyfunded with fuel4tax and sales tax lek, Ate revenues. Based on the FY 2014-20W CIP and discussions4.with-County staff, it was:assumed that %essales tax revenues will only be available fund transportation capacity over the next five years, and will not be a recurring revenue source. Therefore, only4ve years of sales tax revenues are included in the credit calculations. If the sales tax isre-adoptedsin 2019 or a different revenue „ogee, source is allocated to tthhetransportation capacity toxreplace the sales tax revenues, these credit figures may need torbekrevised A shown inY Table -X-6, the sales<tax portion of the county credit was separated from the, total county credit and all non -impact fee funding allocated to transportation capacity wasconverted to equivalent.gas tax revenues. A total gas tax equivalent revenue credit of 111`pennies wasgivenforusales.tax revenues and 5.6 pennies was given for all otheryrevenue sources. State State expenditures'on state roadsawere reviewed, and a credit for the capacity expansion portion attributable to statektprojectswas estimated. The equivalent number of pennies allocated to fund state projects wastdemined from projects spanning a 10 -year period (2009-2018). This period represents past expenditures (from 2009 to 2013) from the FDOT Work Program and the projected expenditures (from 2014 to 2018) from the current Transportation Improvement Program (TIP). A list of capacity -adding roadway projects was developed, including lane additions, new road construction, intersection improvements, interchanges, traffic signal projects, and other capacity -addition projects. This review (summarized in Appendix D, Table D- 3) indicates that FDOT spending generates an equivalent gas tax credit of 15.5 pennies of gas tax Tindale -Oliver & Associates, Inc. January 2014 Indian River County 112 Impact Fee Update Study