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new schools. If the total capital cost per single - family dwelling <br />for new public school needs is $5,225, the family would be credited <br />with the payment of $455, thus reducing the impact fee to $4,770. <br />The calculation of "credits" for sales tax contributions by other <br />housing types is shown on Table 14. <br />Grants. Grants from the State are provided to local <br />governments in the form of Public School Building Funds. These <br />funds come from corporate income taxes, a portion of which is <br />returned to counties for school construction purposes. As shown in <br />Table 10, Orange County expects to receive an annual average grant <br />of $365,174 from FY 1992 -93 to FY 1997 -98, the capital improvement <br />program period. For the same six -year period, the average daily <br />school attendance in both school systems is expected to be 12,989 <br />students. This figure is based on annual daily school membership <br />projections and means that the average per student revenue <br />1 <br />1 <br />1 <br />u <br />anticipated from this source during the capital improvement program ' <br />period is $28. <br />To calculate the present value of the per student revenues, <br />the same assumptions regarding interest rate and term are used as <br />employed for sales tax revenues; i.e., a seven percent interest <br />rate and six -year term. The multiplier from the present value <br />table in Table 10 would again be 4.76654, resulting in a present' <br />value of the $28 annual per capita sales tax payment for six years <br />would be $133 [$28 x 4.76654]. <br />The per capita figure of $133 can be converted to a per <br />household figure by use of the student generation rates from Table <br />14. As an example, the number of students per household expected in <br />a single - family dwelling is 0.440. Multiplied by the per capita <br />figure of $133, a single - family household would be expected to <br />generate $59 in Public School Building Fund revenues. If the total <br />capital cost per single - family dwelling for new public school needs <br />is $5,225, the family would be credited with the payment of $59, <br />thus reducing the impact fee to $5,166. The calculation of <br />"credits" for Public School Building Fund revenues by other housing <br />types is shown on Table 14. <br />Projected Impact Fee Amounts <br />Based on the foregoing analysis, it is possible to calculate <br />projected impact fees for different housing types in Orange County. <br />These calculations are shown on Table 14 and simply involve <br />subtracting credits for property tax, sales tax, and Public School <br />Building Fund contributions from the total capital cost, per <br />dwelling unit, of needed school improvements. The projected impact <br />fees, by housing type, are as follows: <br />Page - 13 <br />fl <br />fl <br />1 <br />�_l <br />1 <br />