City of Valdez - File #: 17-0122

• File #: 17-0122
• Version: 1
• Type: Report
• Status: Filed
• File created: 2/24/2017
• In control: City Council
• On agenda: 3/7/2017
• Final action: 3/7/2017
• Title: Shared Fisheries Business Tax Update

Date	Ver.	Action By	Action	Result
3/7/2017	1	City Council	received and filed

ITEM TITLE: 

Shared Fisheries Business Tax Update

SUBMITTED BY: Lisa Von Bargen, CED Director

FISCAL NOTES: 

Expenditure Required: N/A

Unencumbered Balance: N/A

Funding Source: N/A

RECOMMENDATION:

None. Report only.

SUMMARY STATEMENT:

The Council passed Resolution 17-02 on February 7^th adopting an alternative allocation method for the distribution of Shared Fisheries Business Tax within Fisheries Management Area 15: Prince William Sound. The alternate allocation method is a three-way split of funds with Cordova, Valdez and Whittier. Cordova passed their resolution on February 15^th. Whittier passed their resolution on February 21^st. The packet of resolutions was submitted to the State as the formal application on February 24^th.

The total estimated tax available for distribution in the management area is $118,070.96. At equal shares, that is $39,356.99 estimated for each of the three communities.