Fiscal impact analysis includes a projection of:

Fiscal impact analysis projects the financial effects of a development on a municipality, focusing on the net cash flow—revenues (e.g., taxes) minus costs (e.g., services, infrastructure). Option A (net cash flow to the public sector) is correct. The APA’sAICP Certification Exam Content Outline(2022), under “Plan Implementation,” defines fiscal impact analysis as “a projection of the net cash flow to the public sector from a development, balancing costs and revenues.” Option B (job creation, profitability) is part of economic impact analysis. Option C (regional, state, national taxes) is beyond the municipal scope of fiscal analysis. Option D (developer investment) focuses on private costs, not public impact. TheCPC Study Manual(2024) confirms, “Fiscal impact analysis projects the net cash flow to the public sector from development,” supporting option A.