THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT AND THE ACCOUNTING DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
Florida Statute 218, County Ordinance No. 89-49 and 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. The Florida Statute provides that amounts are due 45 days after receipt of a 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.
For the Fiscal Year ending September 30, 2017, the County did not pay interest to any vendors. Since there were no penalties, no exhibit is attached.
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