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Table IX =4 State Revenue Credit Calculation Step figure '! Total State Revenues $ 101196 , 596 Planned Student Stations('- ) 1 , 804 State Revenue Per Student(3) $ 59652 . 22 ( 1 ) Source : IRC School District ' s Capital Outlay Five-Year Plan Revenue Forecast, adopted September 7 , 2004 . (2 ) Source : IRC School District staff, based on the Capital Outlay Five-Year Plan Revenue Forecast, adopted September 7 , 2004 . (3 ) State revenue per student is calculated by dividing the total expected state revenue (Item 1 ) by the total number of planned student stations ( Item 2 ) . 2- Mill Revenue Credit for Expansion of Student Stations The School District has the authority to levy up to 2 -mills of ad valorem tax to generate revenue for education . Revenues generated by the 2 -mill tax are used for both capital renovation and capital expansion . According to the School District ' s Capital Outlay Five -Year Plan Revenue Forecast, it is projected that there will be nearly $ 138 million in revenues generated by the 2 - mill tax over the next five years, 27 . 3 percent of which will be used to fund capital expansion projects . Using this information, the 2 -mill credit is determined by taking the percentage of average annual five -year 2 -mill revenues for capital expansion , which is $ 7 . 5 million, and dividing that amount by the five -year average annual number of student stations for the next five years of 16 ,266 . This results in an annual 2 -mill revenue of $ 463 per student . The present value of this annual revenue per student is based on a capitalization rate of 5 percent over a capitalization period of 25 years . This results in a present value credit of $ 6 , 527 per student, as illustrated in Table IX - 5 . (This space intentionally left blank) Tindale -Oliver & Associates , Inc . Indian River County May 2005 IX - 11 Impact Fee Study