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The following table provides a summary of credit per resident based on the analysis and assumptions discussed previously . Table IV -9 Total Credit per Resident Credit Element/Calculation Step Figure FY 2004/2005 Total Budgeted District Revenues( l ) $ 10 , 722 , 233 Percent of District Revenues Allocated to Capital Expenditures(2) 15 % District Revenues Allocated to Capital Expenditures(3 ) $ 19608 , 335 2005 County Population(4) 1409562 District Revenues per Person(5 ) $ 11 . 44 Capitalization Rate(6) 5 % Capitalization Period (years)(') 25 Credit per Resident( 8 ) F $ 161 . 27 ( 1 ) Source : Table IV-7 (2 ) For the purposes of this analysis , it is assumed that approximately 15 percent of the District revenues will be allocated for capital expansion expenditures . ( 3 ) FY 04/05 revenues ( Item 1 ) multiplied by percent of revenues allocated to capital expenditures (Item 2 ) . (4) Source : Section II , Table II - 1 ( 5 ) District revenues allocated to capital expenditures ( Item 3 ) divided by 2005 County population (Item 4) . (6 ) Capitalization rate is estimated at 5 percent. (7 ) Capitalization period is estimated at 25 years, which is typically when major renovations or replacement of capital facilities become necessary . ( 8 ) Present value of $ 11 . 44 over a 25 -year period with a capitalization rate of 5 percent. The calculations shown thus far relate to the portion of the expenditures necessary to accommodate new population ' s capital needs , which were estimated at $ 9 . 2 million in current dollars , as shown in Table IV -6 . The District has to spend an additional $ 31 million in current dollars to accommodate the existing population capital facility needs . As mentioned previously, SWDD has a fund balance of $ 30 million , which should remain at this level or increase by 2020 . Thus , impact fee revenues should be sufficient to accommodate the capital expansion costs due to new growth, which include cost of additional capital and contribution to the fund balance . Table IV - 10 presents the necessary impact fee revenues to retain the current fund balance . Tindale -Oliver & Associates , Inc . Indian River County May 2005 IV - 16 Impact Fee Study