AGENDA ITEM REPORT
TITLE:
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A RESOLUTION AUTHORIZING THE MAYOR AND THE CITY MANAGER, OR DESIGNEE, TO EXECUTE THE ATTACHED INTERLOCAL AGREEMENT WITH BROWARD COUNTY FOR THE DIVISION AND DISTRIBUTION OF THE PROCEEDS FROM THE BROWARD COUNTY ONE-CENT LOCAL OPTION GAS TAX (FIFTH-CENT) ON MOTOR FUEL FOR TRANSIT.
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BACKGROUND:
The One-Cent Local Option Gas Tax (Fifth-Cent) levied in 2001 will expire on December 31, 2031. The attached Interlocal Agreement (ILA) provides for municipalities to receive 26% of the proceeds from the One-Cent Local Option Gas Tax (Fifth-Cent) from January 1, 2024, through December 31, 2053, and establishes each municipality’s percentage share of the 26% proceeds based on updated population figures.
DISCUSSION:
This resolution is necessary in order to continue to receive 26% of the proceeds of the One-Cent Local Option Gas Tax (Fifth-Cent) and to update the population figure that determines the City’s portion of the 26% distribution. Coconut Creek’s population increased from 57,871 to 57,937, pursuant to population figures published annually by the University of Florida Bureau of Economic and Business Research, which is used as the “official” population for Florida cities and counties. However, the City’s portion is decreasing from 0.776273% to 0.771741% due to the overall increase in population in Broward County.
Please see the attached letter from Norman Foster, Director of Broward County Office of Management and Budget, explaining this agreement.
RECOMMENDATION:
Staff recommends approval of this resolution.
FISCAL IMPACT:
REVENUES: TBD
EXPENDITURES: N/A
BUDGETED? N/A
NOTES: The agreement will generate approximately $430,130 in FY24 and will be deposited to Account 11-V31242 (estimate based on FY23 Budget). This amount, which is not segregated by the State, is a combination of the Three-Cent and the One-Cent (Fifth-Cent) Local Option Gas Taxes on motor fuel.