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Introduction xiii These priority definitions are dynamic and can change from one category to another based on changes to a parameter such as availability of funding. For example, a project might be assigned a medium priority because of the uncertainty of a funding source but be changed to high priority once a funding source has been identified. The prioritization schedule for this plan will be reviewed and updated as needed annually through the plan maintenance strategy. Benefit/Cost Review 44 CFR requires the prioritization of the action plan to emphasize a benefit/cost analysis of the proposed actions. Because some actions may not be implemented for up to 10 years, benefit/cost analysis was qualitative and not of the detail required by FEMA for project grant eligibility under the Hazard Mitigation Assistance grant program. A review of the apparent benefits versus the apparent cost of each project was performed. Parameters were established for assigning subjective ratings (high, medium, and low) to benefits and costs as follows: • Benefit ratings: ➢ High—The action will have an immediate impact on the reduction of risk exposure to life and property. ➢ Medium—The action will have a long-term impact on the reduction of risk exposure to life and property or will provide an immediate reduction in the risk exposure to property. ➢ Low—Long-term benefits of the action are difficult to quantify in the short term. • Cost ratings: ➢ High—Existing funding levels are not adequate to cover the costs of the proposed action; implementation would require an increase in revenue through an alternative source (for example, bonds, grants, and fee increases). ➢ Medium—The action could be implemented with existing funding but would require a re- apportionment of the budget or a budget amendment, or the cost of the action would have to be spread over multiple years. ➢ Low—The action could be funded under the existing budget. The action is part of or can be part of an existing, ongoing program. Using this approach, projects with positive benefit versus cost ratios (such as high over high, high over medium, medium over low, etc.) are considered cost-beneficial and are prioritized accordingly. For many of the strategies identified in this action plan, funding might be sought under FEMA’s Hazard Mitigation Assistance grant program. This program requires detailed benefit/cost analysis as part of the application process. These analyses will be performed on projects at the time of application preparation. The FEMA benefit-cost model will be used to perform this review. For projects not seeking financial assistance from grant programs that require this sort of analysis, the Partners reserve the right to define “benefits” according to parameters that meet their needs and the goals and objectives of this plan. Analysis of Mitigation Actions All planning partners reviewed their recommended actions to classify each action based on the hazard it addresses and the type of mitigation it involves. Mitigation types used for this categorization are as follows: Page 106 of 228