PROFESSIONAL ANALYSIS
Under Florida Statute §218.74, local governments must pay invoices within specified timeframes or accrue interest at a statutory rate — currently 1% per month on overdue balances. The annual prompt payment interest report required by §218.78 gives the commission a formal accounting of how frequently the county triggered late-payment penalties and to whom interest was paid during the preceding fiscal year. Vendors, contractors, and construction firms with active or pending county contracts should review the report for patterns in late payment by department, as chronic delays in specific divisions signal cash-flow risk worth pricing into future bids. The Signal: Contractors and subcontractors working with Broward County should obtain this report to identify departments with late-payment histories and factor that risk into contract pricing and financing plans.
