During the 1998 Florida Legislative Session, Chapter 98-69, Laws of Florida was passed creating the Lake Panasoffkee Restoration Council (Council) within the Southwest Florida Water Management District. The Legislature charged the Council with identifying strategies to restore the lake and requires that the Council report back to the Legislature before November 25 of each year on the progress of the development and implementation of the Lake Panasoffkee restoration plan and on any recommendations for the next fiscal year.

The Council consists of seven voting members: two representatives of lakefront property owners, one environmental engineer, one person with training in biology, one person with training as an attorney, one person with training as an engineer, and one representative of the sport fishing industry. The Sumter County Board of County Commissioners appoints all members of the Council.