Laserfiche WebLink
intends to use non- impact fee revenue sources as the primary funding source for capital <br /> replacement, operations, and maintenance expenses . As such, credit calculations for <br /> optional sales tax and ad valorem tax do not include an escalation factor. <br /> Credit Calculation <br /> The revenue per functional resident was calculated based on the average capital <br /> expenditure for expansion during the last six years divided by the average functional <br /> resident population during those years . This results in $ 1 . 61 of credit per functional <br /> resident, as presented in Table VIII-9 . <br /> Table VIII =9 <br /> Revenue per Functional Resident <br /> t "q; <br /> Total Expansion(]) $61 ,0001 $ 165,0001 $54,4381 $191 ,4861 $98,0001 $8,700 $678,624 <br /> Average Expansion per Year $ 113, 104 <br /> Unincorporated County Area Functional Residents(2) 66,810 689073 69, 1291 70,6221 72,3011 75,567 <br /> Average Unincorporated County Area Funtional Residents 70,417 <br /> , Average Expansion per Functional Resident <br /> ( 1 ) Source : Table VIII-8 <br /> (2) Source : Table A-7 <br /> The last component of the credit accounts for past payments of property taxes for vacant <br /> land. Here, the share of total vacant land (residential, commercial, and industrial) to total <br /> taxable value is reviewed to develop the percentage of the vacant land value to the total <br /> unincorporated county taxable value . Table VIII- 10 indicates that the vacant land taxable <br /> value is 11 . 11 percent of total taxable value . This percentage is adjusted to account for <br /> the portion of ad valorem taxes used toward capital expansion expenditures . Based on <br /> information provided in Table VIII- 8 , 76 percent of law enforcement capital expansion <br /> expenditures were funded with ad valorem tax revenues over the past six years . <br /> Applying this percentage to the vacant land value percentage results in an effective <br /> vacant land value percentage of 8 .44 percent, which is used to give credit for past <br /> property taxes paid by property owners of vacant land . <br /> (This space intentionally left blank) <br /> Now <br /> Tindale-Oliver & Associates, Inc . Indian River County <br /> February 2005 VIII_ 11 Impact Fee Study <br />