ITEM TITLE:
#25-05 - Adopting an Alternative Allocation Method for the FY25 Shared Fisheries Business Tax Program and Certifying that this Allocation Method Fairly Represents the Distribution of Significant Effects of Fisheries Business Activity in FMA 15:Prince William Sound Area
SUBMITTED BY: Sheri Pierce, MMC, City Clerk
FISCAL NOTES:
Expenditure Required: NA
Unencumbered Balance: NA
Funding Source: NA
RECOMMENDATION:
Approve Resolution #25-05.
SUMMARY STATEMENT:
The purpose of the program is to allocate a share of state fish tax collected outside municipal boundaries with municipalities affected by fishing industry activities. Municipalities around the state will share approximately $770,000 based on the 2023 fisheries activity as reported by fish processors on their fish tax returns. Historically, the City of Valdez has filed with the City of Cordova and the City of Whittier, with each municipality receiving an equal share of the allocation.
The total allocation of $21,752.02 will be equally distributed, and each municipality (Cordova, Valdez, Whittier) shall receive $7,250.67. Please refer to attached allocation summary.