Title
A Resolution of the City Commission approving the Interlocal Agreement between the City of Coral Gables and Miami-Dade County to reestablish distribution of proceeds of the Six-Cent Local Option Gas Tax for a 30-Year period from January 1, 2024 through December 31, 2053.
Body
Section 336.025, Florida Statues authorizes county governments to impose up to a six-cent local option gat tax (per gallon) of motor and diesel fuels sold in the respective county. In 1993, Miami-Dade County levied a six-cent local option gas tax on every gallon of motor fuel and diesel fuel sold in county. The City of Coral Gables entered into an interlocal agreement with Miami-Dade County for the distribution of a share of the proceeds from the six-cent local option gas tax (LOGT), for a maximum term of 30 years. The interlocal agreement between the City and Miami-Dade County expires on August 31, 2023.
This interlocal agreement amends and restates the current interlocal agreement reestablishing the distribution formula currently being used for the disbursement of the LOGT proceeds to the City of Coral Gables for the 30-year period from January 1, 2024, through December 31, 2053. Although there is a four-month gap from the expiration of the current agreement and this agreement, Miami-Dade County has accounted for the lapse in their budget and there will be no gap in the amount disbursed to the City.
The City of Coral Gables receives approximately $800,000 annually from the six-cent LOGT. The County estimates a disbursement of $839,921 to the City in FY 2024, however based on prior years’ experience the City’s FY 2024 Budget Estimate includes an estimated revenue of $835,000. These revenues are planned to fund transportation and right of way improvements including sidewalk repairs and replacements and traffic calming capital projects.
Recommended Action
Approval