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Agenda 05/24/2022 Item #11B (Resolution - Notice of intent to reimpose the Fice-cent and Six-cent Local Option Fuel Taxes)05/24/2022 EXECUTIVE SUMMARY Recommendation to adopt a resolution providing notice of intent to reimpose the Five-Cent and Six-Cent Local Option Fuel Taxes pursuant to Section 336.025 (1)(a) and (b), Florida Statutes, upon their scheduled termination date of December 31, 2025, without a gap or lapse in the collection of the tax, effective January 1, 2026 through December 31, 2055, and directing the Office of the County Attorney to prepare the appropriate Ordinances. (Ed Finn, Office of Management and Budget Director) _____________________________________________________________________ OBJECTIVE: Recommendation to adopt a resolution providing notice of intent to reimpose the Five- Cent and Six-Cent local option fuel taxes pursuant to Florida Statues, Section 336.025 (1)(a) and (b) effective January 1, 2026 through December 31, 2055, and direct the Office of the County Attorney to prepare the appropriate Ordinances. CONSIDERATIONS: Section 336.025(1)(b), Florida Statutes, authorizes the County to levy a Five- Cent Local Option Fuel Tax. The Board adopted Ordinance No. 93-48 on August 3, 1993, pursuant to Section 336.025(1)(b), providing for the imposition of the additional Five Cent Local Option Fuel Tax upon every gallon of motor fuel sold in Collier County and taxed under the provision of Chapter 206, Florida Statutes. On March 13, 2001, the Board approved Ordinance No. 2001-26 extending the levy of the tax up to the year 2024, and thereafter further extended the levy through December 31, 2025, by enacting Ordinance No. 2003-36 on June 24, 2003. Section 336.025(1)(a), Florida Statutes, authorizes the County to levy a Six-Cent Local Option Fuel Tax. On May 9, 1989, the Board adopted Ordinance No. 89-27, pursuant to Section 336.025(1)(b), providing for the imposition of the additional Six-Cent Local Option Fuel Tax upon every gallon of motor fuel and diesel fuel sold in Collier County taxed under the provision of Chapter 206, Florida Statutes. On May 25, 1999, the Board initially extended the levy through August 31, 2015 (see Ordinance No. 99-40), and further extended the levy through December 31, 2025, by enacting Ordinance No. 2003-35 on June 24, 2003. The current Transportation five-year Capital Improvement Element (“CIE”) has a projected shortfall in excess of $200 million. Pursuant to strategy outlined in the Board-approved FY 2023 Budget Policy, it is recommended that the Five-Cent and Six-Cent local option fuel taxes be reimposed an additional 30 years to December 31, 2055, to provide the organization with financing flexibility. Reimposing the Local Option Fuel Taxes upon their expiration on December 31, 2025, positions the County to capitalize on low interest rates; greater coverage ratios; and an extended repayment horizon which increases funding capacity. Bond proceeds would fund identified transportation system assets deemed “poor” in the inventory, transportation system capacity improvements and expansion of the eastern Collier County transportation grid. Projects identified in the five-year CIE that could be financed include Collier Boulevard (Green Boulevard to Main Golden Gate Canal), Vanderbilt Beach Road Extension, Goodlette Road (Vanderbilt Beach Road to Immokalee Road), Wilson Boulevard (Golden Gate Boulevard to Immokalee Road), and Randall Boulevard (8th Street to Everglades Boulevard). The distribution of tax proceeds between the county and the municipalities will continue to be in accordance Florida Statute, Section 336.025(4)(a). Staff requests that the Board approve the attached Resolution and direct the Office of the County Attorney to prepare proposed ordinances reimposing the Five-Cent and Six-Cent Local Option Fuel Tax as set forth above. FISCAL IMPACT: Revenues generated from the Five-Cent, and Six-Cent Local Option Fuel Taxes total approximately $14.3 million annually. The reimposition of the Five-5 Cent and Six-Cent Local 11.B Packet Pg. 168 05/24/2022 Option Fuel Taxes would provide for funding flexibility and allow for debt service payments related to a future transportation related financing, excess funding would be programmed annually for pay as you go transportation network capital and maintenance consistent with statutory guidelines. Fuel tax revenues are deposited within Gas Tax Fund (313). GROWTH MANAGEMENT IMPACT: The Five-Cent and Six-Cent Local Option Fuel Taxes are principal revenue sources of the Transportation Element in the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item is approved as to form and legality, and requires majority vote for Board approval.-SRT RECOMMENDATION: To adopt a resolution providing notice of intent to reimpose the Five-Cent and Six-Cent Local Option Fuel Taxes pursuant to Florida Statues, Section 336.025 (1)(a) and (b) upon their scheduled termination on December 31, 2025, without a gap or lapse in the collection of the tax, effective January 1, 2026 through December 31, 2055, and directing the Office of the County Attorney to prepare the appropriate ordinances. PREPARED BY: Edward Finn, Director of the Office of Management and Budget. ATTACHMENT(S) 1. Resolution pdf srt 051722 (PDF) 2. Gas Tax Updates MT (PDF) 11.B Packet Pg. 169 05/24/2022 COLLIER COUNTY Board of County Commissioners Item Number: 11.B Doc ID: 22285 Item Summary: Recommendation to adopt a resolution providing notice of intent to reimpose the Five-Cent and Six-Cent Local Option Fuel Taxes pursuant to Section 336.025 (1)(a) and (b), Florida Statutes, upon their scheduled termination date of December 31, 2025, without a gap or lapse in the collection of the tax, effective January 1, 2026 through December 31, 2055, and directing the Office of the County Attorney to prepare the appropriate Ordinances. (Ed Finn, Office of Management and Budget Director) Meeting Date: 05/24/2022 Prepared by: Title: – Office of Management and Budget Name: Debra Windsor 05/17/2022 11:02 AM Submitted by: Title: Director - Facilities Maangement – Facilities Management Name: Ed Finn 05/17/2022 11:02 AM Approved By: Review: County Attorney's Office Scott Teach Level 2 Attorney Review Completed 05/17/2022 11:39 AM Facilities Management Ed Finn Additional Reviewer Completed 05/18/2022 2:05 PM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 05/18/2022 2:07 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 05/18/2022 2:40 PM Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 05/18/2022 3:39 PM County Manager's Office Amy Patterson Level 4 County Manager Review Completed 05/18/2022 5:31 PM Board of County Commissioners Geoffrey Willig Meeting Pending 05/24/2022 9:00 AM 11.B Packet Pg. 170 11.B.1Packet Pg. 171Attachment: Resolution pdf srt 051722 (22285 : Five and Six Cent Fuel Tax Resolution) 11.B.1Packet Pg. 172Attachment: Resolution pdf srt 051722 (22285 : Five and Six Cent Fuel Tax Resolution) Recommendation to adopt a resolution providing notice of intent to reimpose the Five-Cent and Six-Cent Local Option Fuel Taxes,upon their scheduled termination date of December 31,2025,without a gap or lapse in the collection of the tax,effective January 1,2026 through December 31,2055. Board of County Commissioners 5/24/2022 11.B.2 Packet Pg. 173 Attachment: Gas Tax Updates MT (22285 : Five and Six Cent Fuel Tax Resolution) Local Option Fuel Taxes Impact on Transportation Funding Strategy Local Option Fuel Taxes are a Critical Component of Collier County’s Transportation Funding Strategy Local Option Fuel Taxes are a Required Element Necessary to Manage the Projected $200+ Million Funding Gap Strategy –Pledge Fuel Tax Revenues as Source of Repayment for Bond Issue to Cover Deficit Local Option Fuel Taxes provide: Funding Capacity (Pay-Go and Bonding) Financing Flexibility Provide Greater Bond Coverage Ratios The Ability to Capitalize on Lower Interest Rates / Minimize Interest Expense Risk 11.B.2 Packet Pg. 174 Attachment: Gas Tax Updates MT (22285 : Five and Six Cent Fuel Tax Resolution) Fuel Tax History Six-Cent Local Option Fuel Tax –In Place 33 Years May 9, 1989 –BCC adopted Ordinance No. 89-27 providing for the imposition of the Six-Cent Local Option Fuel Tax. May 25, 1999 –BCC approved Ordinance No. 99-40 extending the Six-Cent levy through August 31, 2015. June 24, 2003 –BCC approved Ordinance No. 2003-35 extending the Six-Cent levy through December 31, 2025 and changing method of distribution to the municipalities pursuant to Section 336.025(4)(a), Florida Statutes. March 12, 2013 –BCC approved Resolution No. 2013-63 recalculating the distribution to the municipalities pursuant to Section 336.025(4)(a), Florida Statutes. Five-Cent Local Option Fuel Tax –In Place 29 Years August 3, 1993 -BCC adopted Ordinance No. 93-48 providing for the imposition of the Five-Cent Local Option Fuel Tax. March 13, 2001 –BCC approved Ordinance No. 2001-26 extending the Five-Cent levy to December 31, 2023. June 24, 2003 –BCC approved Ordinance No. 2003-36 extending the Five-Cent levy through December 31, 2025 and changing method of distribution to the municipalities pursuant to Section 336.025(4)(a), Florida Statutes. March 12, 2013–BCC approved Resolution No. 2013-63 recalculating the distribution to the municipalities pursuant to Section 336.025(4)(a), Florida Statutes. 11.B.2 Packet Pg. 175 Attachment: Gas Tax Updates MT (22285 : Five and Six Cent Fuel Tax Resolution) Transportation Work Program (In millions of dollars) FY23 FY24 FY25 FY26 FY27 5 Year Total Projected Work Program $105 158 $124 $70 $69 $526 Projected Revenue $107 $66 $59 $38 $33 $303 Surplus/(Deficit)$2 ($92)($65)($32)($36)($223) 11.B.2 Packet Pg. 176 Attachment: Gas Tax Updates MT (22285 : Five and Six Cent Fuel Tax Resolution) Significant Transportation Program Projects Vanderbilt Beach Road Extension-Est. $142M Collier Blvd (Green to Golden Gate Canal) –Est. $55M Goodlette Road (Vanderbilt Beach Road to Immokalee Road) –Est. $26M Wilson Boulevard (Golden Gate Boulevard to Immokalee Road) –Est. $72M Randall Boulevard (8th to Everglades) –Est. $80M 11.B.2 Packet Pg. 177 Attachment: Gas Tax Updates MT (22285 : Five and Six Cent Fuel Tax Resolution)