Town receives $967,931 in BP settlement cash

The settlement money has no restrictions for its use and the Town Commission will begin discussing where the money should be used next week.

By Kurt Schultheis
| 12:37 p.m. September 3, 2015

Money received from a BP oil spill that affected tourism in southwest Florida in 2010 can be used for a variety of purposes.

Longboat Key
News

What will the town of Longboat Key do with $967,931.92 in extra cash that was deposited to its General Fund on Monday?

The Longboat Key Town Commission will discuss the possibilities for the money at its 9 a.m. Sept. 9 regular meeting at Town Hall.

The money is the net cash received after law firm expenses and a 20% contingency from a $1.2 million settlement the town agreed to last month as part of the 2010 Deepwater Horizon Gulf oil spill.

The money has no restrictions for its use and the commission will be able to discuss where the money should be used.

Commissioner Lynn Larson and other members of the town’s Investment Advisory Committee will suggest some or all of the money should be used to pay down the town’s approximately $23 million in unfunded pension liability debt.

Contact Kurt Schultheis at [email protected].