The comment period for the U.S. Treasury RESTORE Act draft rule closed on November 5. This rule will govern how RESTORE Trust Fund money is distributed. As drafted, Treasury will provide grants for environmental and economic restoration projects to Gulf states and local governments from Pot 1, and the Gulf Council will provide grants to the Gulf states from Pot 3.
In Florida, Pot 1 grants will go to coastal counties based on a multi-year implementation plan to be prepared by each county, and Pot 3 will go to the State to fund the State Expenditure Plan prepared by the Florida Gulf Counties Consortium.
No RESTORE funds can be distributed until the rule is finalized. Disbursement of about $800 million in RESTORE funds from settlements awaits finalization of the Treasury rule and preparation of plans. The Florida Gulf Counties Consortium’s response to the draft rule can be viewed or downloaded from the Consortium web page.