RESTORE Fund Details
RESTORE Act funds will go into five “Pots” of the Gulf Restoration Trust Fund. The amount of money will depend on the results of the BP Deepwater Horizon Trial. Estimates of the amount that will go into the trust fund range from $3.6 billion to $14 billion. The U.S. Treasury is developing a rule that will govern expenditure of the funds, based on the RESTORE Act.
Bay County will get 0.79% of all RESTORE Act funds through Pot 1. Additional funds may come to the County through Pots 2 and 3, as well as other funding sources. And other Gulf restoration funds will be spent in the County, even if Bay County does not handle the money.
Equal-Share State Allocation, also called Direct Component
- 35% of all RESTORE funds shared equally by all 5 Gulf States (35% ∕ 5 = 7% each)
- How split up in Florida: Florida’s 7% goes to Florida’s 23 Gulf coastal counties, three-fourths to the 8 coastal counties from Wakulla to Escambia, one-fourth to the other 15 counties.
- How much does Bay County receive: 11.3% of Florida’s Pot 1
- What is necessary to get the money: a Multi-Year Implementation Plan(s) that will, according to the draft Treasury rule, result in grants from the U.S. Treasury
- Kinds of projects: environmental and economic – see "What can Bay County RESTORE Act funds be spent on?" for more details
- Criteria for selecting projects: to be recommended by the Bay County RESTORE Act Advisory Committee and approved by the Bay County Board of County Commissioners
- Process for selecting projects: to be recommended by the Bay County RESTORE Act Advisory Committee and approved by the Bay County Board of County Commissioners
- Who makes final project selection: the Bay County Board of County Commissioners
- What are the timelines: There are no timelines for Pot 1. Bay County’s share will be available until Bay County spends it.
Gulf Coast Ecosystem Restoration Council
- 30% of all RESTORE funds
- How split up: The pot is not split up, the Council will decide which projects to fund. The Council is made up of the governors of the five Gulf states and heads of six federal agencies.
- How much does Bay County receive: unknown
- What is necessary to get the money: compete successfully against other projects being proposed for funding. Projects selected for funding will be assigned to a federal agency or handled through a grant agreement by the Council, according to the draft Treasury rule.
- Kinds of projects: environmental
- Criteria for selecting projects: Council has goals and objectives that are related to environmental protection and restoration.
- Process for selecting projects: to be determined by the Council. It is expected to be a competitive process for high impact, large-scale projects, without regard to geography within the Gulf region. Projects must be nominated by Council members to be considered.
- Who makes final project selection: the Council
- What are the timelines: The Council was to have prepared three-year and 10-year lists of priority projects by July 2013, but did not because the amount of and timing of funds to be received is unknown. The Initial Comprehensive Plan was approved in August 2013. A preliminary project list is expected in summer of 2014
Oil Impact-Based Allocation, also called Impact Component
- 30% of all RESTORE funds. The amount each Gulf state receives will be based on a formula to be finalized by the Gulf Council. Each state will receive at least 5% of Pot 3.
- How split up in Florida: To be determined.
- How much does Bay County receive: unknown
- What is necessary to get the money: the Florida Gulf Counties Consortium, made up of Florida’s 23 Gulf coastal counties, must prepare a State Expenditure Plan and the Governor must submit the plan for approval by the Gulf Council. According to the draft Treasury rule, the funds will be provided as grants from the Council.
- Kinds of projects: environmental and economic, similar to Pot 1
- Criteria for selecting projects to include in the plan: To be determined by the Florida Gulf Counties Consortium
- Process for selecting projects to include in the plan: To be determined by the Florida Gulf Counties Consortium
- Who makes final project selection for projects: the Florida Gulf Counties Consortium through inclusion of a project in the State Expenditure Plan, with the approval of the Plan by the Governor and the Gulf Council
- What are the timelines: There are no timelines for Pot 3. The funds will be available until the Consortium spends them.
Pots 4 and 5
NOAA RESTORE Act Science Program and Centers of Excellence
- 2.5% of all RESTORE funds to each of the pots.
- How split up: The NOAA pot will not be split. Each state gets one-fifth of the Centers of Excellence funds.
- How much does Bay County receive: Bay County is unlikely to receive any of these funds directly.
- What is necessary to get the money: NOAA will control its pot. The Florida Institute of Oceanography (FIO) will distribute the Florida Center of Excellence funds on a competitive basis.
- Kinds of projects: Gulf-related science and monitoring
- Criteria for selecting projects: to be determined by NOAA for its pot and FIO for its pot.
- Process for selecting projects: to be determined by NOAA and FIO
- Who makes final project selection: NOAA, FIO
- What are the timelines: There are no timelines.
Non-RESTORE Gulf restoration funds
Other sources of Gulf restoration funds are available in addition to RESTORE funds. Generally, these sources focus on environmental restoration or the public’s recreational access to Gulf resources.
Natural Resource Damage Assessment (NRDA) Early Restoration
BP committed up to one billion dollars for early restoration for natural resource damages due to the Deepwater Horizon disaster. The funds are also available to compensate for the public’s reduced access to Gulf resources due to the disaster. Additional funds will likely be available later after the full NRDA process is complete.
Each of the five Gulf states was allocated $100 million, and federal agencies were allocated $200 million. An additional $300 million is targeted for state-proposed restoration projects selected by federal agencies. Florida has proposed projects that will commit its $100 million allocation. Some of these projects are solely in Bay County; others are regional projects that will include Bay County. Federal agency-controlled funds are still available.
Gulf Environmental Benefit Fund
The Gulf Environmental Benefit Fund resulted from plea agreements related to the Deepwater Horizon disaster. The agreements direct $2.544 billion to the National Fish and Wildlife Foundation (NFWF) to fund projects benefiting the natural resources of the Gulf Coast that were impacted by the spill.
For Florida, $356 million will be paid into the Gulf Fund from 2013 to 2018 for conservation that remedy harm to natural resources (habitats, species) where there has been injury to, or destruction of, loss of, or loss of use of those resources resulting from the oil spill. Funds will primarily be spent in the Florida panhandle. The Florida Fish and Wildlife Conservation Commission and the Florida Department of Environmental Protection will advise NFWF on potential projects.
Have a project you would like to propose?
If you have a Gulf restoration project you would like to submit, the State of Florida has an online form you can fill out. State Gulf restoration staff will review proposals and match them to the most appropriate funding source.
Bay County is developing its process for submitting proposals for Pot 1 funds. Information will be posted when the process is finalized.
For additional information, contact Jim Muller, Bay County RESTORE Act Coordinator email@example.com