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04-04-95 CCM
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04-04-95 CCM
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subarea? Do its current land -use policies make sense? If <br />costs, as well as other factors, are to be considered, then a <br />fiscal impact evaluation will help in the decision -making <br />process. <br />Demographic-economir.. changes. Many elected and <br />appointed local government officials can tell interested <br />parties how they think their community will look in ten or <br />twenty years in terms of population, housing, and employ- <br />ment. But very few can say what the fiscal impact will be <br />—whether service levels will remain the same or deteriorate <br />under pressure from a growing population. Similarly, when <br />making changes to land -use regulations, few jurisdictions <br />evaluate alternative development policies from a fiscal <br />perspective. Evaluating development alternatives is a <br />valuable use of fiscal impact analysis. <br />Rezonings. A rezoning changes the density or type of use <br />for a parcel; it may also be,' a signal of a change in develop- <br />ment policy. Too often, significant rezoning cases are not <br />sufficiently evaluated from a fiscal perspective. Fiscal <br />analysis can be helpful in local government -developer <br />negotiations. <br />Annexation. An area that' may be annexed usually has <br />some existing public services. One of the uses of fiscal <br />impact analysis is to ascertain the cost of improving the <br />services in the area proposed for annexation in order to <br />make them comparable to the annexing jurisdiction's level <br />of service. The analysis can calculate whether there will be <br />an annual financial surplus or deficit from the proposed <br />annexation during each year of the forecast period. <br />Infrastructure planning. One of the by-products of a <br />good fiscal analysis is the forecast of infrastructure needs to <br />meet anticipated changes in a community. Any change in <br />land use, population, or employment will have an impact <br />on a number of capital -intensive services, including streets <br />and utilities. <br />A fiscal impact analysis helps identify <br />the economic development strategy <br />that makes the most fiscal sense. <br />Leveraging public dollars. Local officials considering <br />how to promote economic growth often face the question <br />of how to invest limited funds so as to maximize the return. <br />Fiscal evaluations can help them make their investments <br />wisely. For example, different economic development <br />strategies can be evaluated for their impacts on land use. <br />Land use in turn affects services, costs, and revenues. A <br />fiscal impact analysis helps identify the economic develop- <br />ment strategy that makes the most fiscal sense. If a local <br />government has $2.5 million for economic development <br />programs and wants to decide whether to allocate it among <br />several commercial districts within the community, a fiscal <br />impact analysis can provide useful information on the <br />potential financial effects. <br />Finance Issues <br />There are a number of ways in which fiscal impact <br />evaluations can address budget and finance questions. As <br />noted earlier, a fiscal impact analysis focuses on change, <br />generally over a two- to ten-year period. Although the <br />accuracy of the projections diminishes over tie, the <br />analysis can help to raise budget and finance policy issues <br />and suggest alternative approaches for addressing them. <br />Some of the issues are discussed below. <br />Capital improvement programming. Capital improve- <br />ment planning cakes on an extra dimension with the use of <br />fiscal analysis, which enables a local government to forecast <br />the need for additional capital facilities given projected <br />increases in population or employment. Individual <br />departments seldom incorporate market forces or land -use <br />plans into their CIP requests. A fiscal analysis that looks at <br />subareas of the community can help address this issue, <br />Fiscal analysis also clarifies the timing of infrastructure <br />improvements. By incorporating future demographic and <br />economic projections, the fiscal analysis will indicate the <br />demand for capital facilities in the near as well as the longer <br />term. One community discovered through fiscal impact <br />analysis that the amount of park land included in its CIP <br />was insufficient to provide the desired level of service even <br />for existing development. <br />This approach can also be used to calculate the cost <br />and timing for replacing existing infrastructure. Infrastruc- <br />ture replacement costs are one of the biggest fiscal <br />problems facing many local governments. An inventory of <br />existing capital facilities and their related future costs can be <br />obtained by estimating the remaining useful life of each <br />facility and its replacement or rehabilitation cost. <br />Revenue forecasting. For purposes of this discussion, a <br />revenue forecast defines the projected change in revenues <br />(assuming existing rates) due to land -use or demographic <br />changes in the community, The revenue forecast is one of <br />the results of a fiscal evaluation. <br />Fiscal planning. Fiscal planning is different from budget <br />planning because fiscal planning focuses on change and uses <br />a two- to ten-year time frame. Fiscal planning provides a <br />long-term perspective on the costs and revenues associated <br />with each department and activity of a local government, <br />offering local officials the opportunity to reconsider plans <br />and policies. <br />Budget projections. Fiscal impact analysis results in both <br />short- and long-range budget projections for each depart- <br />ment in the local government. For example, an increase in <br />the intensity of land use will generate a higher level of <br />demand for police services. The analysis offers a budget <br />projection for the police department, based on these <br />changes and assuming specified service levels, over the <br />forecast period. Local officials can look at this information <br />for alternative levels of service, and project the effects of <br />those alternatives on the budget. <br />
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