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Jersey Village Long Term Flood Recovery Plan Cost Benefit Analysis
01/08/2019

The Long Term Flood Recovery Plan evaluated several possible projects. Each one of the projects was measured by how it reduced flooding and the benefit-cost ratio of the project. A benefit-cost ratio (BCR) is an indicator, used in cost-benefit analysis, that attempts to summarize the overall value for money of a project. A BCR is the ratio of the benefits of a project, expressed in monetary terms, relative to its costs, also expressed in monetary terms.


If the cost of a project outweighs the benefits of a project, the project has a BCR of less than 1. If the benefits of a project are higher then the cost of the project, the project has a BCR of greater than 1. A score of 1 means the project simply breaks even. 


Using the Long Term Flood Recovery Plan the city has been able to apply for six different grants, as of December 2018. The City has been successful in two of those grants so far, and the other four have been submitted. The city has been awarded $3,878,745 in grant funds. The cost of the Long Term Flood Recovery Plan was $620,917. Applying the same benefit-cost ratio to the Long Term Flood Recovery Plan shows a BCR of 6.25. This shows the benefits that were received from conducting the Long Term Flood Recovery Plan outweigh the costs by a factor of more than 6. 

 

Having the Long Term Flood Recovery Plan completed gave us the data that is required to make successful grant applications. The timing of the completion of the study put us in a much better position to make early and compelling applications which is what led to the awarding of these grant funds. Without having the data from the Long Term Flood Recovery Plan the grant applications would not have been as complete or as comprehensive, which means we most likely would not have received funding without the data.

Below is a listing of the grants that have been applied for and the grant amount requested for each project. 

   

Utilizing the data from the Long Term Flood Recovery Plan the city will continue to apply for grants as they come available. Implementation of the Long Term Flood Recovery Plan is a high priority for the city. 

 

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