COMMUNITY OPTION STUDY

Transcription

1 CASEY KEY COMMUNITY OPTION STUDY December 3, 2008 Prepared for Mr. George Scantland Casey Key Committee to Study Incorporation Prepared by Fishkind & Associates, Inc Corporate Boulevard Orlando, Florida or `

2 1.0 Introduction 1.1 Assignment The Casey Committee to Study Incorporation ( Client ) has begun to explore the feasibility of incorporation as an option to protect and enhance the quality of life for Casey Key residents and for the general public. Fishkind & Associates, Inc. ( Consultant ) has been retained to provide the Client with the economic and financial data and analysis necessary for the Client to determine if incorporation would be beneficial to the residents. This Community Option Study was designed to project the potential costs for providing essential government services and programs to the residents, employees and visitors of Casey Key. The estimates of costs are based upon those incurred by the Town of Longboat Key, Sarasota County and numerous Special Taxing Districts throughout the state. Longboat Key was chosen as a comparison due to its similar location and development. Sarasota County was chosen because it is the current provider of all governmental services to Casey Key. The Special Taxing Districts were used in the comparison because of the anticipated similar private management structure. The Community Option Study projected potential revenue sources including property taxes, sales taxes, gas taxes, franchise fees and State revenue sharing. In addition to studying the viability or incorporating as a new municipality, this study provides an analysis of the possible alternatives for achieving the goals associated with incorporation. 1.2 Location of the Study Area The study area includes all of what is commonly referred to as Casey Key. The Key is a bay island on the southwest coast of Florida, north of Venice Beach and south of Siesta Key. The study area is bounded by the Little Sarasota Bay on the east; the Gulf of Mexico on the west; Midnight Pass on the north; and the Venice Inlet on the south (see Figure 1). There are two bridge-access points to the Key, via Albee Road on the south and by Blackburn Point Road on the north. Page 2 of 32

3 1.3 History About 150 years ago the island was known as "Chaise's Key." In 1849, U.S. Army Captain John Charles Casey came to Florida with an assignment to remove the Seminole Indians from the area. Casey also assisted in a survey of the area for the U.S. government. This resulted in his name first appearing on the map, attached to the inlet just south of the island, now known as the Venice Inlet. It was then known as Casey's Pass. The name changed from Chaise's Key to Casey Key around Rationale for Incorporation The sponsors propose to form the Town of Casey Key to preserve and to enhance the quality of life for its residents. More particularly, the sponsors believe that through incorporation the residents will gain additional control over the land uses in the Town. There is particular interest in controlling development and redevelopment activities to enhance protection of this sensitive barrier island. In addition, sponsors desire to improve the maintenance of Casey Key Road, the main north-south road on the Key. Finally, incorporation will allow residents to improve public safety on the Key. 1.5 Type of Government The Town plans to have a Commission/Manager structure. The Commission will not have a permanent Chairman or other officers. Instead, Chairperson and other officers of the Town will be rotated among the Commissioners. The Commission will set policy and retain its Manager. The Manager will be responsible for all administrative functions and operation of all Town services. The Town plans to contract for all of its services and not have any direct employees. 2.0 Section Requirements 2.1 Review of Statutory Requirements for Incorporation and Compliance In 1999, the Legislature revised s ,f.s., by adding new, detailed requirements for the preparation of the required feasibility study for any area requesting incorporation. Specifically, the study must include: 1. The general location of territory subject to a boundary change and a map of the area that identifies the proposed change (see Section 3). Page 3 of 32

4 2. The major reasons for proposing the boundary change (see Section 2). 3. The following characteristics of the area:! A list of the current land use designations applied to the subject area in the county comprehensive plan;! A list of the current county zoning designations applied to the subject area;! A general statement of present land use characteristics of the area;! A description of development being proposed for the territory, if any, and a statement of when actual development is expected to begin, if known. 4. A list of all public agencies, such as local governments, school districts and special districts, whose current boundaries fall within the boundary of the territory proposed for the change or reorganization. 5. A list of current services being provided within the proposed incorporation area, including but not limited to, water, sewer, solid waste, transportation, public works, law enforcement, fire and rescue, zoning, street lighting, parks and recreation, and library and cultural facilities, and the estimated costs for each service. (see Section 5) 6. A list of proposed services to be provided within the proposed incorporation area, and the estimated cost of such services. (see Section 7). 7. The names and addresses of three officers or persons submitting the proposal. 8. Evidence of fiscal capacity and an organizational plan that, at a minimum, includes: existing tax bases, including ad valorem taxable value, utility taxes, sales and use taxes, franchise taxes, license and permit fees, charges for services, fines and forfeitures, and other revenue sources, as appropriate; and a five-year operational plan that, at a minimum, includes proposed staffing, building acquisition and construction, debt issuance and budgets. (see Section 7). 9. Data and analysis to support the conclusion that incorporation is necessary and financially feasible, including population projections and population density calculations and an explanation concerning methodologies used for such analysis. (see Section 6). Page 4 of 32

5 10. Evaluation of the alternative available to the area to address its policy concerns. 11. Evidence that the proposed municipality meets the standards for incorporation of s , F.S. Page 5 of 32

6 3.0 Characteristics of the Study Area 3.1 Land Uses The Study Area is shown in Figure 1. It contains the following land uses and acreage according to data from the Sarasota County Property Appraiser. Land Use Units/Parcels Acres Single-Family Multifamily Hotels/Mixed Marinas Vacant Government Total The dominant land use is residential with a total of 418 homes. The Study area has about 115 hotel/motel rooms and 2 marinas. The total study area comprises acres. 3.2 Zoning The zoning for the Study area is shown in Figure 2. The area has the following zoning designations: Zoning Districts Parcels Acreage RE1 Residential Estate RE2 Residential Estate RSF1 Residential Single Family RMF1 Residential Multifamily OUE Open Use Estate OUC Open Use Conservation GU Government Use Total Page 6 of 32

7 Figure 1. Study Area Page 7 of 32

8 Page 8 of 32

9 Page 9 of 32

10 3.3 Characteristics Casey Key is located 15 miles south of the City of Sarasota. It is approximately 8 miles in length, stretching from Siesta Key on the north to the Island of Venice on the south. There are two bridges providing access to the Key. A majority of the island is less than 300 yards wide, with the beaches along the Gulf on the west and Little Sarasota Bay on the east. Casey Key is an unusual barrier island in that it consists almost entirely of single-family homes, many with historical roots. The earliest structure still in use was built in Approximately 25 percent of the homes were initially constructed before Only about 25 percent of the homes were newly constructed within the past 10 years. The only commercial development on the island is associated with the hotels and marinas. There are a few old beach motels that have been "grandfathered" under prior zoning. Casey Key will likely remain this way due to current zoning restrictions, and the fact that the majority of the island is a conservation district, established in the early 1970's by the Florida State Legislature. 3.4 Proposed Development There is no major development currently planned for the Study Area. Due to the age of most of the structures, the primary type of future construction will be redevelopment. Residents are concerned that the older motels may be converted into higher density condominiums in the future. However, at this time there are no such plans filed with any governmental organization. Page 10 of 32

11 4.0 Public Agencies The table below lists the public agencies providing services on Casey Key. Ad Valorem Districts Sarasota County Operating Sarasota County Debt Service Sarasota County Mosquito Control Sarasota County Public Hospital Board Southwest Fl Water Management District West Coast Inland Navigation District School Board State School Board Local North Casey Key Public Improvement District Sarasota County EMS Services Sarasota County Navigable Waterways MSTU Mills Non-Ad Valorem Districts Stormwater Management Assessments Solid Waste Service District B 4.1 Sarasota County Sarasota County currently provides most of the governmental services to the residents of Casey Key. The services provided include: Sheriff; Clerk of the Court; Supervisor of Elections; Property Appraiser; corrections; 911 emergency communications system; comprehensive planning; health and human services; parks and recreation; economic development; air and water quality programs; animal control; and mosquito control. 4.2 Sarasota School Board The Sarasota School Board operates and maintains Sarasota County s public school system, including academic instruction, administration and support services. There are no school facilities on the Key. 4.3 Sarasota Memorial Hospital This public hospital serves the entire Sarasota region providing health care and emergency services. Page 11 of 32

12 4.4 Southwest Florida Water Management District SWFWMD is one of five regional districts that act to preserve and protect the State s water resources. Its mission is flood control, water supply and water quality. 4.5 West Coast Inland Navigation District The District assists in the planning, implementation and maintenance of waterway projects that promote safe navigation such as enhancing navigation channels and inlets, boating access facilities, waterfront parks and piers. The District covers Manatee, Sarasota, Charlotte and Lee Counties. 4.6 North Casey Key Public Improvement District This improvement district was established to fund certain infrastructure projects. The debt associated with the District has been extinguished and no new projects have been proposed. 4.7 Casey Key Public Improvement District A petition has been circulated and will be delivered in December, 2008 to establish this District. The purpose of which is to fund underground utilities to those parcels on Casey Key that are not within the North Casey Key Public Improvement District. 4.8 Emergency Medical Services Emergency medical services are coordinated countywide by the Sarasota County Emergency Medical Services District. Station 23 typically serves Casey Key. These services are funded through property taxes and charges for services. 4.9 Nokomis Volunteer Fire Station The volunteer fire station provides first response fire protection for residents and visitors on Casey Key. In case of structural fires or entrapment, Sarasota County Fire District s Station 14 provides backup services. The paramedics of EMS Station 23 are also trained as firefighters and provide backup for emergencies on Casey Key The volunteer fire station is funded through donations and fund-raising activities. Page 12 of 32

13 4.10 Navigable Waterways Maintenance Management Program The Program was established to enhance the availability, use and safety of the navigable waterways within unincorporated Sarasota County. The Program is funded through a Municipal Services Taxing Unit Solid Waste Service District B Solid waste collection on Casey Key is controlled by Sarasota County and their current contract with Waste Management, Inc. This service is funded through non-ad valorem assessments Stormwater Management District The Stormwater District is a division of Sarasota County government. It controls stormwater drainage and is funded through non-ad valorem assessments North Casey Key Conservation District The District was formed in the 1970s (Chapter Laws of Florida), and it encompasses most of the land north of the 300 block of Casey Key Road. The District was formed to protect to protect the environment and natural resources of north Casey Key. Development in the District is strictly limited to single-family residences of no more than two stories comprising no more than one main residential unit per 15,000 square feet of lot area and allowing no more than one guest house. All land in the District, including submerged land, is designated as both wildlife sanctuary and marine sanctuary. Page 13 of 32

14 5.0 Current Public Services Casey Key s public services are provided by county government, special districts and utilities. 5.1 Water Water is provided to Casey Key by Sarasota County Utilities. This service is wholly funded by revenues generated from users charges. The water provider will not change upon incorporation. 5.2 Sewer All properties within the Casey Key Study Area remain on septic and are not part of the County s wastewater system. No plans for connection onto the County s wastewater system have been proposed at this time. 5.3 Solid Waste The Sarasota County Solid Waste Program is responsible for providing solid waste collection and environmentally safe disposal. These services are paid for through non-ad valorem assessments. Casey Key is in Solid Waste Service District B. Florida Statute protects the Franchisee (Waste Management) when property incorporates. The existing contract may remain valid through either an interlocal agreement with the County or an agreement with the Franchisee. The service provider is not anticipated to change as a result of incorporation. 5.4 Transportation The majority of the roads located within the Casey Key Study Area are County Roads. There are not any State roads in the area and only a few short private roads exist. County roads are constructed and maintained by Sarasota County. This service is covered by property taxes and impact fees. The ownership and maintenance of the roads is expected to change as a result of incorporation. After incorporation the Town proposes to take ownership of the County roads within its boundaries and to operate and maintain them. Sarasota County Area Transit (SCAT) is the mass transit provider in Sarasota County. Currently there are no routes that service Casey Key. Page 14 of 32

15 5.5 Public Works Roads and stormwater drainage are the two primary types of public works projects that occur within the study area. Both are controlled by the County and funded through property taxes and fees. No changes are proposed to the current arrangement for stormwater management services. However, as noted above the Town does plan to own, operate, and maintain the public roadways within its borders. 5.6 Law Enforcement Law enforcement and corrections are provided by the Sarasota County Sheriff s Department. The Florida Highway Patrol also provides limited law enforcement services. After incorporation, the Town plans to provide law enforcement services via contract with the Sheriff s office. 5.7 Fire and Rescue Rescue services are provided to the residents of Casey Key by Sarasota County EMS Station #23. These services are funded through ad valorem taxes and charges for service. Fire suppression is provided by the Nokomis Volunteer Fire Department. The station is funded through donations and various fund-raising activities. No changes in these arrangements are planned. 5.8 Zoning Planning and zoning services for the Casey Key area are currently covered by Sarasota County. These services are funded through property taxes, charges for service and permit fees. Upon incorporation, these services will become the responsibility of the municipality. It is planned that a consultant will be hired to provide this service on a fee-for-service basis. 5.9 Street Lighting There are not any street lighting districts on Casey Key. No change is anticipated upon incorporation Page 15 of 32

16 5.10 Parks and Recreation The study area contains private beach and marina areas as well as over 70 acres of governmental land. The incorporation will not impact the ownership of any of these properties. It is anticipated that the new municipality will not have any community owned park development or recreation facilities and programs. There are four public parks in the study area. Nokomis Beach comprises 22 acres west of Albee Road. North Jetty Park is located on the southern tip of Casey Key, Blackburn Point Park on Dryman Island at Blackburn Point Road, and Palmer Point Park at the very northern end of the Key. Incorporation will not affect the operation of these parks Library The Casey Key Library is an independent 501c(3) non-profit corporation founded in It is funded through private funding sources. It is not a part of the Sarasota County library system. The countywide library system is available for all residents of the county. The library system is funded by property taxes, charges for service and fines. Access and funding for both libraries will not change as a result of incorporation. Page 16 of 32

17 6.0 Public Services to be Provided by Municipality 6.1 Law Enforcement After incorporation, the Sarasota Sheriff s Department will provide back-up law enforcement services and continue to provide corrections facilities. The municipality will be responsible for primary law enforcement and patrol activities. It is the intention of the municipality to contract out the patrol duties either to the Sheriff s Department or to a private security firm. The level of service proposed will be significantly higher than that currently provided on the Key. Law enforcement funding will come from ad valorem taxes imposed by the new municipality. 6.2 Fire/Rescue No change is anticipated for fire protection services. Casey Key will retain its association with the Nokomis Volunteer Fire Department and rely on the County s Fire Department to provide back-up support. Rescue services will continue to be provided by Sarasota County as long as the municipality adopts the County s EMS millage assessment. 6.3 Public Works The major public works consist of roads, potable water service and stormwater drainage. Sarasota County currently provides potable water and stormwater drainage. No changes are planned for these two services. New construction and redevelopment will be required to meet existing County guidelines for drainage and for potable water supply. The Town does plan to negotiate with Sarasota County to take title to the County roadways on the Key including Casey Key Road. The Town would be responsible for the operation and maintenance of all public roadways within its borders. These services will be funded from ad valorem taxes and the Town s share of gas tax revenues and state revenue sharing. 6.4 Planning & Zoning Planning, zoning and permitting of new construction is currently under the jurisdiction of Sarasota County. After incorporation, it is anticipated that the municipality will contract with a consultant and/or the County to provide this service. Planning and zoning services will be funded through ad valorem taxes, charges for services and permit and inspection fees. Page 17 of 32

18 6.5 Street Lighting No new street lighting projects are planned for the Study Area after the incorporation. 6.6 Parks & Recreation No Town parks are located within the Casey Key Study Area. There are no plans for any park development after incorporation. 6.7 North Casey Key Conservation District The Town will take over administration of the District. Currently, Sarasota County administers the District. 6.8 Beach Re-nourishment and Maintenance The Town will provide beach re-nourishment and beach maintenance services. Page 18 of 32

19 7.0 Proposed Budget 7.1 General Assumptions Population Population and employment projections for Casey Key were held constant at current levels. The area has experienced very little growth in recent years and has little land available for new growth. The minor changes in population that may occur will have no impact on the overall budget Revenues and Expenditures Revenue and expense projections are estimates based upon the current taxable value of the study area, the Town of Long Boat Key s operating budget, various special district operating budgets, and contract for service quotes. Taxable Values The taxable values used came from the Property Appraiser s GIS department and represent the current 2008 values. The table below provides the data. Residential Development Vacant Parcels $78,025,600 Single-Family $827,914,447 Multifamily $21,837,858 Residential Taxable Value $927,777,905 Commercial Development Hotels/Motels $19,314,949 Marinas $995,500 Commercial Taxable Value $20,310,449 Total Taxable Value $948,088,354 Page 19 of 32

20 Inflation Ad valorem property values are projected to increase 2.5% per year for residential property and 2.0% for non residential property. All other revenues are projected to grow at 2.0% per year except for state revenue sharing funds which escalate at 0.8% per year. Expenditures are escalated at 2.0% for general government, 2.5% for parks and recreation, and 3% for transportation and public safety costs First Year Provision The projections made in this study assume that the first will include a full 12-month fiscal year. Should the incorporation be approved, the projected budget will be modified to account for the actual start date of the municipal government Level of Service With the exception of those services which will be contracted out, the level of service from existing providers is not expected to change. However, levels of service for police, roadway maintenance, and planning/zoning are expected to increase. 7.2 Revenue Calculations Property Taxes Property taxes were calculated using the 2008 taxable value for all of the parcels within the Study Area, $948,088,354). A millage rate of 1 mill was used to determine the revenue coverage over projected expenses. The property taxes generated in year one are $948,088. $948,088,354 x 1.00 Mills = $948, State Sales Tax Revenue Sharing The State Revenue Sharing revenue was calculated using the Town of Longboat Key s per capita amount, reduced by 50 percent. Page 20 of 32

21 Longboat Key Sales Tax State Revenue Sharing Total Divided by Population = Per Capita $906,000 7,691 $ Casey Key Per 50% X Casey Key FTE Population = Sales Tax Revenue $ ,102 $62, Gas Taxes County Gas Tax shared revenues were calculated using an estimate based upon the Longboat Key budget. The Longboat Key per capita amount was reduced by 50 percent for the projected Casey Key revenue Franchise Fees Franchise fee revenues were calculated using an estimate based upon the Longboat Key budget. The Longboat Key per capita amount was reduced by 50 percent for the projected Casey Key revenue Occupational Licenses Occupational license revenues were calculated using an estimate based upon the Longboat Key budget. Due to the small amount of commercial development, the Longboat Key per capita amount was reduced by 90 percent for the projected Casey Key revenue Charges for Service, Fines & Forfeitures Charges for service and fines and forfeiture revenues were calculated using an estimate based upon the Longboat Key budget. The Longboat Key per capita amount was reduced by 50 percent for the projected Casey Key revenue. 7.3 Expenditure Calculations Town Commission The commission budget covers the costs for the commissioner s salaries and benefits along with a small allowance for office expenses. It is expected that the Commission would meet once per quarter. A budget of $50,000 was utilized as of Page 21 of 32

22 7.3.2 Town Manager The manager will be the executive officer of the Town responsible for its day-to-day activities and all administrative functions along with insurance costs. A budget of $100,000 was used (as of 2008) based upon experience of a number of special taxing districts which provide management services to their jurisdictions of a nature similar to that expected for the study area Financial and Administrative The financial and administrative budget of $50,000 covers accounting services, cost of the annual audit, and costs for filing the various administrate and financial reports required. The cost estimate is based on similar services provided under contract for various special districts Town Attorney The attorney will provide annual legal services for the Town at a cost of $25,000 per year. The budget is based on routine municipal type services rendered primarily at the quarterly meetings Planning, Zoning, and Code Enforcement The Town will contract for its planning, zoning, and code enforcement services. The estimated budget of $50,000 per year is based on bids from qualified providers Management Information System The $10,000 budget for annual services is based on bids from qualified providers. The service includes development and maintenance of the Town s web site and associated consulting support Public Works An annual budget of $250,000 was established to provide for roadway maintenance along the public portion of Casey Key Drive and a small number of other public roadways that the Town would be responsible for. The budget is based upon the experience of various special tax districts providing roadway maintenance services. Page 22 of 32

23 7.4.8 Law Enforcement It is anticipated that the Town will contract with the Sarasota County Sheriff s Office for law enforcement services. An estimated budget of $400,000 per year as of 2008 was established. Private security providers have offered significantly lower bids Beach Re-nourishment and Maintenance The budget includes an allowance for beach re-nourishment and maintenance based on the per capita amount projected in the Longboat Key budget. Page 23 of 32

24 8.0 Necessity and Feasibility of Incorporation 8.1 Necessity Casey Key is an enclave of mostly high valued residential homes with a small number of small active motels. The Key is fragile, barrier, island and a sensitive environmental area. The Key receives normal levels of public services. However, the residents desire much higher levels of public services, particularly law enforcement and control over land uses. By incorporating the residents can improve their current levels of service 8.2 Feasibility As described above, the Town will have a budget of approximately $1.2 million funded primarily from a 1.00 mill property tax. At this level of funding the budget can readily satisfy the requirements for improved public services and provide for adequate reserves. By contracting for its services the Town can control costs and the quality of its services. Page 24 of 32

25 9.0 Alternatives to Incorporation 9.1 MSBU for Enhanced Public Services One option would be to petition the County to form a municipal services benefit unit ( MSBU ) as allowed by Chapter 125, F.S. The MSBU could impose an assessment on properties on the Key to fund enhanced law enforcement services and improved roadway maintenance. 9.2 Comprehensive Plan Overlay To provide improved land use controls the County could adopt an overlay in its comprehensive land use plan for the Key. The overlay could restrict development and redevelopment of land on the Key. 9.3 Special Assessment District The County could create a special assessment district for the Key. The assessments would be used to support enhanced law enforcement and improved roadway maintenance. Page 25 of 32

26 10.0 Name of Submitters (1) Mr. Robert Gunther (2) Mr. George Scantland (3) Mr. Michael France Page 26 of 32

27 APPENDIX TABLES Page 27 of 32

28 Table 1 Casey Key Development Impact Summary (End of Year Totals) Households Peak Population 1,335 1,335 1,335 1,335 1,335 Resident Population 1,268 1,268 1,268 1,268 1,268 Seasonal Population Employment Full-Time Equivalent Visitors Casey Key Total Operating Revenues Generated $1,336,717 $1,363,279 $1,391,210 $1,419,779 $1,449,004 Total Operating Expenditures Generated $1,044,465 $1,065,354 $1,086,662 $1,108,395 $1,130,563 Net Fiscal Impact of Operations $292,252 $297,925 $304,548 $311,385 $318,442 5 Years 10 Years 20 Years 30 Years Net Present Value of Operating Impact $1,151,121 $1,950,843 $2,901,625 $3,373,387 Page 28 of 32

29 Table 2 Casey Key Development Scenario Vacant Parcels Single-Family Multifamily Total Residential Units Hotels/Motels Marinas Table 3 Casey Key Taxable Property Values Residential Development Vacant Parcels $78,025,600 $79,976,240 $81,975,646 $84,025,037 $86,125,663 Single-Family $827,914,447 $848,612,308 $869,827,616 $891,573,306 $913,862,639 Multifamily $21,837,858 $21,621,739 $22,162,283 $22,716,340 $23,284,248 Residential Taxable Value $927,777,905 $950,210,287 $973,965,545 $998,314,683 $1,023,272,550 Commercial Development Hotels/Motels $19,314,949 $19,701,248 $20,095,273 $20,497,178 $20,907,122 Marinas $995,500 $1,015,410 $1,035,718 $1,056,433 $1,077,561 Commercial Taxable Value $20,310,449 $20,716,658 $21,130,991 $21,553,611 $21,984,683 Total Taxable Value $948,088,354 $970,926,945 $995,096,536 $1,019,868,294 $1,045,257,233 Page 29 of 32

30 Table 4 Casey Key Fiscal Impact Detail Revenues Ad Valorem Taxes-Property Value Taxes $948,088 $970,927 $995,097 $1,019,868 $1,045,257 Local Option Fuel Taxes $57,970 $58,550 $59,135 $59,727 $60,324 Local Option Sales Taxes $96,847 $97,816 $98,794 $99,782 $100,780 Franchise Fees- Electric $88,707 $89,594 $90,490 $91,394 $92,308 Franchise Fees- Gas $5,232 $5,284 $5,337 $5,390 $5,444 Occupational Licenses $506 $512 $517 $522 $527 Zoning/Petition Fees $1,665 $1,682 $1,699 $1,716 $1,733 State Revenue Sharing Sales Tax $15,676 $15,802 $15,928 $16,056 $16,184 State Revenue Sharing Communication Services $49,877 $50,276 $50,678 $51,083 $51,492 State Revenue Sharing Mobile Home $41 $42 $42 $42 $43 State Revenue Sharing Alcholic Beverage $786 $792 $798 $805 $811 State Revenue Sharing Boat License $215 $217 $219 $220 $222 Sales Tax - Half Cent $56,188 $56,637 $57,090 $57,547 $58,008 Gas Tax - Constitutional & County $690 $696 $701 $707 $713 Gas Tax - One Cent Voted $4,833 $4,871 $4,910 $4,950 $4,989 Charges for Services $6,479 $6,609 $6,741 $6,876 $7,013 Judgments, Fines and Forfeitures $2,915 $2,974 $3,033 $3,094 $3,156 Total Revenues $1,336,717 $1,363,279 $1,391,210 $1,419,779 $1,449,004 Expenditures Town Commission $51,000 $52,020 $53,060 $54,122 $55,204 Town Manager $102,000 $104,040 $106,121 $108,243 $110,408 Financial and Administrative $51,000 $52,020 $53,060 $54,122 $55,204 Town Attorney $25,500 $26,010 $26,530 $27,061 $27,602 Planning & Zoning $51,000 $52,020 $53,060 $54,122 $55,204 Management Information System $10,200 $10,404 $10,612 $10,824 $11,041 Public Works & Buildings $255,000 $260,100 $265,302 $270,608 $276,020 Law Enforcement $400,000 $408,000 $416,160 $424,483 $432,973 Beach Renourishment $98,765 $100,740 $102,755 $104,810 $106,907 Total Expenditures $1,044,465 $1,065,354 $1,086,662 $1,108,395 $1,130,563 Net Fiscal Impact $292,252 $297,925 $304,548 $311,385 $318,442 Page 30 of 32

31 Table 5 Casey Key Fiscal Impact Assumptions Taxable Assessment Ratio 100% Homestead Exemption $50,000 % Single-Family with Homestead 64% % Multifamily with Homestead 9% Casey Key Mills Equivalent Full-Time Factor Equivalent Population-Working Residents Population-Non-Working Residents Population- Seasonal Population (peak season) 1,093 1,016 Population (total) 981 ISITE 2007 Employment (total) ISITE 2007 Persons per Household - Single Family * 2.24 Persons per Household - Multifamily 2.24 * (Fl Population Studies, 2005) Total Households 491 (ISITE 2008) Hotel Assumptions Average Occupancy 64.0% (FLA USA Tourism Study) Average Persons per Room 2.0 (FLA USA Tourism Study) Employment Assumptions Project Hotel/Retail/Marina 166 (ISITE) Annual growth rate of Residential Property Value 2.5% Annual growth rate of Non-Residential Property Value 2.0% Average Value Vacant Parcels $1,219,150 Single-Family $1,952,628 Multifamily $127,707 Page 31 of 32

32 Hotels/Motels $167,956 Marinas $497,750 Page 32 of 32