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Preliminary Project Operating Gosts <br />On an annual basis, the identified funding support to be provided by the PFD, if formed, totals <br />$3.1M across the identified projects. <br />PFD Administrative Gosts <br />ln addition to capital and operating support to the identified projects, there will be costs <br />incurred by the pFD, if formed, for its own administration and operations. As previously noted, <br />typical expenses include salaries, wages, and benefits for employees, compensation for <br />members of the board, marketing, accounting, travel reimbursement and other expenses <br />necessary to administer the PFD.1e <br />For illustrative purposes, it is assumed that the PFD, if formed, will incur estimated annual <br />ongoing operating costs of $120,000.20 The sole source of PFD revenues will be from the <br />proposed 0.2 percent sales tax, if approved. lt is noted that the disbursement of tax revenues <br />to the pFD will not occur immediately upon voter approval, as prescribed by the procedures <br />set forth in the State statutes.le <br />Funding Plan <br />The intent of this independent financial feasibility review is not to create, tpst or otherwise <br />opine on the costs for capital or operations of the identified projects. Rather, the purpose is to <br />identify costs specific to the formation of the PFD. <br />For illustrative purposes, the following analysis reflects key variables and assumptions: <br />' The proposed PFD is formed and receives funding in Ql -2027 ' <br />. All three identified recreation projects are anticipated to be either under construction, <br />triggering lease or debt service repayments by Project Sponsors, or operational in2028' <br />. pFD operational and administrative costs are maintained at constant levels throughout the <br />projection period, net of inflation. <br />19 WASHINGTON STAIE LEGIStAl'IJI]E RC\A/ 36.100 <br />20. E:JTIMATF AS PROVIDILI BY I(ITTITAS COI.JI.JTYq4 1llllllfll <br />2?