Fiscal Impact Statements
A comprehensive Fiscal Impact Analysis is essential to success of any project
The Sprung Planning team understands the vital role a thorough and accurate Fiscal Impact Analysis plays for developers and local governments alike. For developers, it represents the successful implementation of their venture, for local governments it is a vital tool for projecting revenue and impact upon the communities they serve.
Fiscal Impact Analysis was first used as a tool in the 1930’s to help plot the costs necessary to revitalize increasingly dilapidated urban areas. Since then, Fiscal Impact Analysis and Statements have become indispensable to the planning process for any residential or commercial development project, or any plans for urban revitalization.
Sprung Planning creates vital resources for local governments
A Fiscal Impact NJ Analysis is heavily relied upon by municipalities and local government to anticipate demands upon public service, disruption of access to public systems and services. These factors are weighed against projected revenue, by way of fees and taxes a project is anticipated to generate. Also taken into consideration are impacts upon the local economy with employment opportunities, potential increase in local business revenue and opportunities for new business.
The Sprung Planning Company works closely with local officials such as the finance officers, town clerk and tax assessor to gather existing data and information. An accurate Fiscal Impact NJ Statement is invaluable in helping local authorities identify the extent to which a project might require short term subsidies out of existing revenue streams during initial phases versus anticipated long term projected revenue streams.
Intensive research and analysis
Vast amounts of research and data and compilation are required to devise accurate projections. Depending on the scope and nature of the project, the appropriate methodology i.e. marginal costing versus average costing is applied in the creation of the Fiscal Impact -NJ Statement.
A strong Fiscal Impact Statement-NJ takes into account current conditions, anticipates more obvious consequences of a project, as well as highlighting unintended outcomes, such as disruption to traffic flow, current patterns and any interruption of services, and future needs for new infrastructure or demands on resources such as the school system , police and fire departments .
In essence, the Fiscal Impact Analysis is the beacon that guides any successful development or redevelopment project, whether residential or commercial. A comprehensive Fiscal Impact Statement is essential to the success of any land use project.