Broward County Commission Regular Meeting
Director's Name: Stephen Farmer (Acting Director)
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.
Chapter 218, Florida Statutes (F.S.), 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. Chapter 218, F.S., 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, 2025, the County made seven interest payments, totaling $29,461. 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, F.S. and County Ordinance Section 1-51.6, interest paid increases the cost of services to the County.