title
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 AN ADDITIONAL ONE-CENT ($0.01) LOCAL OPTION GAS TAX (FIFTH CENT) 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)
staffcontact
(Staff Contact: Erjeta Diamanti)
summary
Summary Explanation/Background:
Renewal of the Interlocal Agreement among Broward County, the City of Pompano Beach and various other municipalities regarding the division and distribution of an additional one cent Local Option Gas Tax (Fifth Cent) on every gallon of motor fuel sold in Broward County.
The current additional one-cent ($0.01) local option gas tax expiring December 31, 2031, established by the Board of County Commissioners in Ordinance No. 2000-25 ("Prior Ordinance"), be reestablished, re-imposed, and re-levied through December 31, 2053, with the proceeds distributed among the Broward County and municipalities consistent with the terms of this Agreement.
Additional One Cent Transit Gas Tax commonly referred to as the "Fifth Cent". The proceeds of the additional one-cent ($0.01) local option gas tax are allocated according based on the following distribution formula: Seventy-four percent (74%) to the County, and Twenty-six percent (26%) to the municipalities based upon the annual University of Florida Bureau of Economics and Business Research (BEBR) population figures as of April 1 of each year.
The City's share is deposited in Special Purpose Fund 112.
Origin of request for this action: Budget Office
Fiscal impact and source of funding: Distributions are deposited in Special Purpose Fund 112
pagebreak1
strategicplan_emblem_field
pagebr
....
Click here for full text