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funding source for capital replacement, operations and maintenance expenses . As such, credit calculations for future expenditures do not include an escalation factor. Table VII - 11 Credit per Functional Resident County Functional Fiscal Year Residents(i) Total Expansion(2) 1998/99 104 , 572 $466 ,499 1999/00 107 , 439 $ 194613414 2000/01 1091225 $ 164 , 516 2001 /02 111 , 528 $ 1019709 2002/03 1149226 $ 575002 2003 /04 118 , 309 $4065621 2004/05 1209213 $ 0 2005 /06 1223461 $ 29036 , 327 2006/07 124 , 742 $ 156 , 411 2007/08 127, 054 $ 0 2008/09 1299399 $ 2 , 2891409 Total Expansion $ 791399907 Annual Average 1179197 $ 649,082 Average Expansion per Functional Resident $ 5 . 54 ( 1 ) Source : Appendix A, Table A-6 (excluding Indian River Shores ) (2 ) Source : Table VII - 10 (FY 1998/99- 2003 /04 ) and Table VII - 8 (FY 2004/05 -2008/09 ) The last credit component is for revenue generated from past payments of property taxes on vacant land that are used to fund capital expansion projects . This calculation is a two - step process . First, the percentage of the total value of vacant land to the total property value is calculated. This considers the countywide value less the values in Indian River Shores . Revenues generated by past payment of property taxes on vacant land are deposited into IRC ' s general fund . Therefore , the second calculation considers the portion of total capital expansion expenditures funded through general fund revenues over the previous six-year period . As shown in Table VII - 10 , this figure is 5 . 07 percent . The vacant land value as a percentage of total property value is multiplied by the percent of historical general fund revenues spent on capital expansion projects . As illustrated in Table VII - 12 , the percent of past property tax payments on vacant land is 0 . 48 percent . Tindale -Oliver & Associates , Inc . Indian River County May 2005 VII - 13 Impact Fee Study