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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE AN INTERLOCAL AGREEMENT REGARDING REESTABLISHING AND PROVIDING FOR DIVISION AND DISTRIBUTION OF A THREE-CENT ($0.03) LOCAL OPTION GAS TAX ON EVERY GALLON OF MOTOR FUEL SOLD IN BROWARD COUNTY AMONG THE CITY OF POMPANO BEACH, BROWARD COUNTY AND VARIOUS MUNICIPALITIES; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Erjeta Diamanti)
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Summary Explanation/Background:
Renewal of the Interlocal Agreement among Broward County, the City of Pompano Beach and various municipalities regarding reestablishing and providing for division and distribution of an additional three-cent ($0.03) Local Option Gas Tax on every gallon of motor fuel sold in Broward County.
The current three-cent ($0.03) local option gas tax expiring December 31, 2023, be reestablished, reimposed, and relevied through December 31, 2053, with the proceeds distributed among the Broward County and municipalities consistent with the terms of this Agreement.
The Additional Local Option Gas Tax - This is the first Three Cents of the Five Cent Local Option Gas Tax.
The Broward County retains 48.73%; the remaining 51.27% is distributed back to the Cities based on population figures published annually on April 1 by the University of Florida Bureau of Economics and Business Research (BEBR).
The City's share is deposited in the CIP (Fund 302) and is used for transportation related capital improvements.
Origin of request for this action: Budget Office
Fiscal impact and source of funding: Distributions are deposited into the General Capital Improvement Fund 302
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