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respect to costs borne in the past and to be borne in the future, in comparison with benefits already received and yet to be received.49 These principles have gradually been incorporated into the calculations of impact fee systems around the country. Orange County's impact fee system reflects these principles in a variety of ways.so Various deductions from the fee were made to ensure that owners of new development were credited for payments they will make for the capital costs associated with existing schools. First, the present value of future property tax payments bxpected to result from new residential development was calculated insofar as a portion of that revenue was used for debt service on existing school bonds. Next, similar values were calculated for: portions of the estimated property tax payments from new residential development that would be used for recurring capital needs on a pay-as-you-go basis. Third, a credit was provided for the amount of additional sales tax revenues received by the county attributable to new residential development that would be used to retire school bonds or pay for other capital needs on a pay-as-you-go basis. Finally, new growth and an increasing student population make the county eligible for additional grants of money from North Carolina's Public School Building Capital Fund.s~ The present value of the grant money received in each of the planning 49, Lafferty v. Payson City, 642 P.2d 376, 380 (Utah 1982). 50. Revised Report on School Impact Fee Calculation, supra note 9, at 7-13. si Each year two thirty-firsts (2/31) of the revenues from the state's corpora, te income tax that exceed $2.5 million are deposited in the Public School Building Capital Fund, established by the General Assembly in 1987. N.C. GEN. STAT. §§ 115C-546.1 through -546.2. The money is 51 46