AGENDA ITEM REPORT
TITLE:
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A RESOLUTION AUTHORIZING THE MAYOR AND THE CITY MANAGER, OR DESIGNEE, TO EXECUTE THE INTERLOCAL AGREEMENT WITH BROWARD COUNTY RELATING TO THE DISTRIBUTION OF THE BROWARD COUNTY SIX-CENT LOCAL OPTION GAS TAX ON MOTOR FUEL.
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BACKGROUND:
The original local option gas tax agreement created in 1988 will expire on August 31, 2018. The attached Interlocal Agreement provides for municipalities to continue receiving 37.5% of the proceeds of the six-cent local option gas tax from September 1, 2018, through December 31, 2047, and establishes each municipality’s percentage share of the 37.5% proceeds based on updated population figures.
DISCUSSION:
This Resolution is necessary in order to continue receiving 37.5% of the proceeds of the six-cent local option gas tax and to update the population figure that determines the City’s portion of the 37.5% distribution. Coconut Creek’s population is being increased from 57,116 to 57,395, 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 1.164205% to 1.157802% due to the overall increase in population in Broward County.
Please see the attached letter from Norman Foster, Director of the 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: FY18 projected revenue is approximately $620,000.