Implementation is Required
University-wide, economic impact is only reported if the work activity it is associated with is implemented.
Types of a Impact
- The aggregate total of the increased revenues received by the customer or stakeholder that results from the education or assistance provided as reported by customers – for example rate studies, identification of new revenues, annexation studies;
- The aggregate savings accrued by the customer or stakeholder as a result of the education or assistance provided as reported by customers – for example, studies or recommendations that reduce the cost of operation (solid waste collection, police staffing study, ISO study (calculated on savings for home and business owners) and studies that enable the city to avoid an expense such as curbside recycling;
- The aggregate capital investment made by the customer as a result of the education or assistance as reported by customers– for example: a new fire station, new wastewater plant, new fire trucks, new police cars, or other capital investment;
- The aggregate amount of customer-reported new or retained sales as a result of the education or assistance provided; or
- Contract amounts awarded to the customer or stakeholder as a result of the education or assistance provided as reported by customers.
Description of Economic Impact
Fully describe the work activity to the extent that someone not familiar with the work could understand the justification for the reported economic impact.
Clarity is critical, length is not (i.e., "Recommended charging for solid waste collection and developed a new rate structure that resulted in $ ____ in new annual revenues" or "Recommended modifications to solid waste collection system that reduced routes and/or needed manpower for an annual savings of $ _____") are good and acceptable examples of a description of work.
Amount of Economic Impact
New economic impact should be recorded in Years 1-5, as applicable. Economic impact for one-time occurrences such as a new building are recorded only in Year 1.
When multiple consultants work together on a work activity with economic impact, the total amount of economic impact shall be shared in Work Reporting. For example, two consultants working together on a rate study which increased revenues for a municipality by $100,000 would each record $50,000 in their Work Reporting entry. Failing to split the aggregate economic impact amount would result in MTAS over reporting the total amount of economic impact generated from the work.