Magic Ranch & Arizona Farms Annexation Fiscal Analysis
"Explore the fiscal cost and benefit summary of the Magic Ranch & Arizona Farms Annexation presented by senior economist, Jim Rounds. Analysis includes revenue sources, expenses, and impact of expected development."
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Presentation Transcript
Magic Ranch & Arizona Farms Annexation Magic Ranch & Arizona Farms Annexation Fiscal Cost/Benefit Summary Fiscal Cost/Benefit Summary July 29th, 2013 Presented By: Jim Rounds Senior Economist, Elliott D. Pollack & Company
Fiscal impact analysis captures: Government revenues and expenses from all related activity attributed to annexation Elliott D. Pollack & Company Elliott D. Pollack & Company
Town of Florence Revenue Sources GENERAL FUND OPERATING REVENUE DEVELOPMENT REVENUE Sales tax Sanitation Operating Tax Property tax Franchise Fees o APS o Phone o Gas o Cable o Utility o Sanitation State Shared Sales Tax State Shared Income Tax Auto Lieu Tax (VLT) Construction Sales tax Building Permit Fees Community Development Fees Development Impact Fees Highway User Revenue Fund (HURF) County Shared Transportation Excise Tax Elliott D. Pollack & Company
Town of Florence Expenses OPERATING EXPENSES CAPITAL EXPENSES Special Census Fire Police Parks and Recreation Community Development Public Works (Paid through HURF) Equipment Vehicles Road Repair & Maint. Capital Projects o Streetlights o Traffic Control Devices o Drainage o Road Widening Elliott D. Pollack & Company
Contains Impacts of Expected Development Elliott D. Pollack & Company
ANALYSIS RESULTS Elliott D. Pollack & Company
1. Operational Revenue and Expenses result in a net fund balance of $13.9 million over 10 years. 2. Capital Expenses to Revenue result in a net fund balance of $3.9 million after 10 years. 3. Infrastructure Improvement projects will be implemented through developer contributions and non-General Fund revenue when feasible. Elliott D. Pollack & Company
Final Points Significant State/County Shared Revenue Large volume of finished lots can have homes built as soon as market conditions improve. Operational costs are incremental additions to an existing Town Government infrastructure. New infrastructure projects will be jointly funded by the Town, developer contributions and impact fees. Financing solutions exist beyond Fund Balance. Future commercial development along major corridors (Hunt Highway & Arizona Farms) will be captured by the Town. Elliott D. Pollack & Company
ELLIOTT D. POLLACK & Company Economic and Fiscal Impact Analysis/Modeling Real Estate Market and Feasibility Studies Litigation Support Revenue Forecasting Keynote Speaking Public Finance and Policy Development Go to fullsize image Land Use Economics Economic Development 7505 East Sixth Avenue, Suite 100 Scottsdale, Arizona 85251 480-423-9200 P / 480-423-5942 F / www.arizonaeconomy.com / info@edpco.com
