The request is for City Council to conduct a work session to discuss future proposed projects that could result from a favorable response to the 2024 Penny for Pasco referendum vote scheduled for November 8, 2022. If approved by the voters, this item serves as a source of revenue to the city.

As Council is already aware, a proposal to impose a local government infrastructure one-cent sales surtax beginning in 2025 and continuing through 2039 is slated for later this year.  Also as you are already aware, pursuant to an Interlocal Agreement the municipalities in Pasco County collectively receive 10% of the surtax proceeds and the payments are made on a monthly basis.  The City of New Port Richey currently receives 3.74% of the total and I am not expecting the percentage amount to change.

On June 19, 2012, City Council adopted Resolution No. 2012-14 which set forth to dedicate the use of the second bucket of Infrastructure Sales Surtax in the following manner:

In consideration of potential future projects you may determine that adjustments are warranted in the formula set forth for the classification of projects.  In addition you may determine that the percentages established in 2012 no longer reflect your collective priorities.  Therefore as we begin discussions on future projects we will need to be mindful of these variables as well.

The staff will be prepared to present fully some proposed projects for your consideration at your work session next week.

Incidentally, we are still trying to calculate an estimate of probable revenue in order to plan appropriately for the impending renewal of this significant funding source.