Broward County Commission Regular Meeting
Director's Name: George Tablack
Department: Finance and Administrative Services Division: Accounting
Information
Requested Action
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MOTION TO FILE Annual Report of Interest Payments pursuant to the Broward County Prompt Payment Policy set forth in Section 1-51.6 of the Broward County Code of Ordinances.
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Why Action is Necessary
Complies with Broward County Code of Ordinances, Chapter 1, Section 1-51.6, which mandates the filing of an Annual Report of Interest Payments.
What Action Accomplishes
Compliance with Section 1-51.6 of the Broward County Code of Ordinances, which requires County Administration to provide an annual report of interest payments to the Board.
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Previous Action Taken
None.
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT AND THE ACCOUNTING DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
Florida Statutes, Chapter 218, and Broward County Code of Ordinances, Chapter 1, Section 1-51.6, provide for the timely payment of a vendor's proper invoice(s) and provide for interest on past due payments. Florida Statutes, Chapter 218, provides that amounts are due 45 days after receipt of a proper invoice, while the Broward County Ordinance is more restrictive, providing for a 30-day payment period. Payments made after the 30-day period are past due and, therefore, subject to interest at 1% per month.
For the Fiscal Year ending September 30, 2023, the County made one interest payment of $68.54. The Annual Prompt Payment Report is attached as Exhibit 1.
Source of Additional Information
William O’Reilly, Director, Accounting Division, (954) 357-7212
Fiscal Impact
Fiscal Impact/Cost Summary
In accordance with Chapter 218, Florida Statutes and Broward County Code of Ordinances, Chapter 1, Section 1-51.6, interest paid increases the cost of services to the County.