Penny for Pasco - Jobs and Economic Opportunities Trust Fund
What is the Jobs and Economic Opportunities Trust Fund?
Pasco County has been fortunate. In November, 2012, the voters of Pasco County renewed the Penny for Pasco sales tax referendum that included a provision to use a portion of these funds as a source to incentivize economic development projects. At that time, revenue projections estimated that approximately $45 million dollars would be generated to help fund the Office of Economic Growth to create target industry jobs for our residents and the region.
January 1, 2015 marked the beginning of the 10 year renewed Penny for Pasco sales tax. Supported by the Board's Strategic Plan and the Economic Development Plan (PDF), an authorizing Resolution 15-110 (PDF) was adopted on March 24, 2015 to dedicate the economic development portion of the Penny for Pasco funds to a specific account known as the Jobs and Economic Opportunity Trust Fund (JEOTF). Additionally, this resolution states that the Office of Economic Growth is charged with the task of accounting for these revenues and expenditure uses in accordance with the Resolution, Section 212.055(d)3., Florida Statutes, Ord. No. 12-16, Res. No. 12-268, and any other applicable legal requirements.
How do the Funds get spent?
The Resolution 15-110 (PDF) contains provisions that describe the purpose and intent of the program, including procedures for staff solicit and rank projects, and for the Office of Economic Growth to accept unsolicited proposals.
In a separate resolution, the Board of County Commissioners has established the Jobs and Economic Opportunities Committee. This group is charged with keeping a watchful eye on the use of the Jobs and Economic Opportunities Trust Fund to ensure that the promises made to the voters will be kept; expenditures of the funds meet the requirements set forth in the resolution.
Staff from the Office of Economic Growth continue partnering with the Board of County Commissioners and interested community members to provide oversight for the Jobs and Economic Opportunity Trust Fund and the Jobs and Economic Opportunities Committee. We are excited to report that the projected revenues for the JEOTF have increased. The initial 10 year projection of $45 million dollars has now climbed to more than $50 million dollars!
Way to go Pasco!
Our Promise to You!
In the ordinance and resolution authorizing the referendum for November 9, 2012, the Board of County Commissioners promised that the Jobs and Economic Opportunities Trust Fund would:
“…provide financial support for job creation and economic development projects having a general public purpose of improving the local economy…”
and would improve
“…the local economy through incentivizing economic development.”
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