Town nets $1.2 million in BP settlement money

The town of Longboat Key’s piece of the BP Gulf oil spill settlement will be $1.2 million.

The Longboat Key Town Commission agreed to the amount in a shade meeting with town staff and attorneys present July 6.

After law firm expenses, a 20% contingency and other expenses are factored in,  Town Manager Dave Bullock said the town will net $967,931.82 that will be incorporated into the town’s general fund within the next 60 to 90 days.

The money has no restrictions for its use and the commission will be able to discuss where the money should be used at budget readings before the budget is adopted Sept. 30 on second reading and public hearing. 

Contact Kurt Schultheis at [email protected].