Placement: Proclamations and Special presentations
Action Requested: Discussion
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Accept the Half-Cent Sales Tax FY 22 2nd Quarter Projects Update
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Submitted By: Heath Stocton, P.E., Director, Public Works
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Executive Summary (General Business): Staff will provide the City Council with an update, including highlights, graphics, and pictures of the progress and challenges associated with the implementation of the Half-Cent Sales Tax Priority Projects.
Presentation Information: 15-minute PowerPoint Presentation by Heath Stocton.
Staff Recommendation: Request that the Council accept the quarterly update.
Background: On November 6, 2018, voters approved Ballot Question #14, the referendum to levy a Half-Cent Sales Tax for a period of 10 years. Prior to approval of the tax, City Council adopted an Ordinance on September 24, 2018 approving a List of Priority Projects to be funded by the additional tax, including a contingency/participatory budget. Staff provides quarterly updates to Council on the progress of the projects as well as any issues encountered. The City's Sales Tax Action Team (STAT) provided this update to the Infrastructure Sales Tax Citizens Oversight Committee on April 15, 2022 to enable the fulfillment of the requirements of the City of Port St. Lucie's Ordinance 18-50 and Resolution 18-R95.
Issues/Analysis: N/A
Financial Information: Realized construction costs are higher than originally estimated, which have increased overall project costs. Fortunately, these cost increases have been offset by higher than projected revenues. Original revenue projection over 10-years was $88M. The newest projected estimates indicate a revenue of $107M over 10-years.
Special Consideration: N/A
Location of Project: Citywide
Attachments: PowerPoint Presentation
NOTE: All of the listed items in the "Attachment" section above are in the custody of the City Clerk. An...
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