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<br /> OCS Schools Impact Fee Report(DRAFT)
<br /> Information on outstanding debt for OCS was provided by Orange County Finance Department staff.
<br /> School improvements and applicable bond issues are indicated in Figure 13 below. As shown, total
<br /> outstanding debt from school capacity expansion projects for OCS is estimated at approximately $21
<br /> million. Annual principal payments are divided by student enrollment in each year to get a per student
<br /> credit. (For example, in FY 2018,the total amount of projected principal to be paid of$2,182,155 is divided
<br /> by enrollment of 7,610 for a payment per student of$287.)To account for the time value of money,annual
<br /> payments per student are discounted using a net present value formula based on an average current
<br /> interest rate of 2.55 percent. The total net present value of future principal payments per student is
<br /> $2,429.24.This amount is subtracted from the gross capital cost per student amount to derive a net capital
<br /> cost per student for school facilities.
<br /> Figure 13. Credit for Future Principal Payments: OCS
<br /> 2010 Projected 2011 Projected 2012 Projected 2015 Projected Total Payment
<br /> Fiscal Year (1) (2) �s� I4� Total Per
<br /> Principal Principal Principal Principal Students
<br /> Student
<br /> 2016 $667,145 $310,276 $420,569 $989,831 $2,387,821 7,560 $316
<br /> 2017 $660,406 $304,394 $412,115 $957,458 $2,334,373 7,597 $307
<br /> 2018 $665,460 $624,964 $0 $891,731 $2,182,155 7,610 $287
<br /> 2019 $1,034,411 $908,771 $653,044 $131,454 $2,727,680 7,654 $356
<br /> 2020 $1,031,042 $901,419 $1,020,777 $0 $2,953,237 7,678 $385
<br /> 2021 $1,025,988 $1,626,377 $0 $0 $2,652,365 7,708 $344
<br /> 2022 $587,963 $1,980,768 $0 $0 $2,568,732 7,778 $330
<br /> 2023 $0 $446,506 $1,642,120 $0 $2,088,626 7,807 $268
<br /> 2024 $0 $0 $1,082,066 $0 $1,082,066 7,817 $138
<br /> Total $5,672,414 $7,103,476 $5,230,690 $2,970,475 $20,977,055 $2,731
<br /> Discount Rate[6] 2.55%
<br /> Net Present Value $2,429.24
<br /> (1)Cedar Ridge HS,Gravelly Hill MS,Hillsborough Elem(issued in March 2010)-Refunding 2010
<br /> (2)Gravelly Hill MS(issued in November 2011)-Refunding 2011
<br /> (3)Gravelly Hill MS(issued in December 2012)-Refunding 2012
<br /> (4)Cedar Ridge HS,Pathways Elem(issued in April 2015)-Refunding 2015
<br /> (5)See Appendix for enrollment projections
<br /> (6)To account for the time value money,total payment per student is discounted using a net present value formula assuming the average
<br /> interest rate from outstanding debt as shown.
<br /> SCHOOL IMPACT INPUT VARIABLES
<br /> Factors used to derive the OCS impact fee are summarized in Figure 14. Impact fees for schools are based
<br /> on student generation rates (i.e., public school students per housing unit) and are only implemented on
<br /> residential development. LOS standards are based on current costs per student for school buildings,
<br /> portable classrooms, support facilities, and buses/vehicles as described in the previous sections and
<br /> summarized below. Also included in the fee is the cost for preparation of the impact fee study. The
<br /> consultant study cost per student is calculated based on the projected increase in student enrollment
<br /> (based on SAPFO projections; see Appendix A) in CHCCS and OCS over the next three years and is added
<br /> to the capital cost per student to derive the total cost per student. Three years reflect the typical length
<br /> of time before the impact fees should be reexamined to reflect changes in development and levels of
<br /> service.
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