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The following table provides a summary of credit per resident based on the analysis and •.iI' <br /> assumptions discussed previously . <br /> Table IV -9 <br /> Total Credit per Resident <br /> NZ <br /> MM <br /> FY 2004/2005 Total Budgeted District Revenues( l ) $ 1097229233 <br /> Percent of District Revenues Allocated to Capital Expenditures(2) 15 % <br /> District Revenues Allocated to Capital Expenditures(3 ) $ 196089335 <br /> 2005 County Population(4) 1289768 <br /> District Revenues per Person(5 ) $ 12 .49 <br /> Capitalization Rate(6) 5 % <br /> Capitalization Period (years)(7) 25 <br /> Credit per Resident(8) $ 176 . 04 <br /> ( 1 ) Source : Table IV-7 <br /> (2) For the purposes of this analysis , it is assumed that approximately 15 percent <br /> of the District revenues will be allocated for capital expansion expenditures . <br /> (3 ) FY 04/05 revenues (Item 1 ) multiplied by percent of revenues allocated to capital <br /> expenditures (Item 2) . <br /> (4) Source : Section II , Table II- 1 <br /> (5 ) District revenues allocated to capital expenditures (Item 3 ) divided by 2005 County <br /> population (Item 4) . <br /> (6) Capitalization rate is estimated at 5 percent. <br /> (7) Capitalization period is estimated at 25 years, which is typically when major <br /> renovations or replacement of capital facilities become necessary . <br /> ( 8) Present value of $ 12 . 49 over a 25 -year period with a capitalization rate of 5 <br /> percent. <br /> The calculations shown thus far relate to the portion of the expenditures necessary to <br /> accommodate new population ' s capital needs, which were estimated at $ 8 million in <br /> current dollars, as shown in Table IV-6 . The District has to spend an additional $32 <br /> million in current dollars to accommodate the existing population capital facility needs . <br /> As mentioned previously, SWDD has a fund balance of $30 million, which should <br /> remain at this level or increase by 2020 . Thus, impact fee revenues should be sufficient <br /> to accommodate the capital expansion costs due to new growth, which include cost of <br /> additional capital and contribution to the fund balance . Table IV- 10 presents the <br /> necessary impact fee revenues to retain the current fund balance . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> February 2005 IV- 16 Impact Fee Study <br />