Broward County Commission Regular Meeting

MOTION TO FILE Annual Report of Interest Payments made under the Local Government Prompt Payment Act pursuant to Florida Statute 218 (Sections 218.70 through 218.80) and the Prompt Payment Policy pursuant to County Ordinance No. 89-49 and County Code of Ordinances, Chapter 1, Section 1-51.6.

ACTION:  (T-10:28 AM)  Approved.
 
VOTE: 8-0.  Commissioner LaMarca was not present.

In accordance with Florida Statute 218, County Ordinance No. 89-49 and County Code of Ordinances, Chapter 1, Section 1-51.6, the Accounting Division is required to file an Annual Report of Interest Payments.

Compliance with Florida Statute 218, County Ordinance No. 89-49 and County Code of Ordinances, Chapter 1, Section 1-51.6.

None.

THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT AND THE ACCOUNTING DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.

The Florida Prompt Payment Act and County Ordinance No. 89-49 provide for the timely payment of vendor's invoices and provide for interest on past due payments. The Florida Prompt Payment Act provides that amounts are due 45 days after receipt of proper invoice, while the 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 if requested by the affected vendor.

For the fiscal year ended September 30, 2016, the County paid no prompt payment interest. Since there were no penalties, no exhibit is attached.