Submitted By: Holly Lang, Fiscal Manager
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Adopt Budget Resolution 2024-142 amending the Fiscal Year 2023-24 budget to transfer funds from the General Fund to a new account as part of the Affordable Housing Incentive Fund totaling $1,549,114
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OCALA'S RELEVANT STRATEGIC GOALS:
Operational Excellence, Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND: The Affordable Housing Incentive Fund was created to encourage new construction and rehabilitation of affordable housing by offering funding to offset city-imposed development charges. It is intended to promote affordable housing while maintaining quality construction and site design. After being collected as part of the permitting process, the funds currently reside in the City's General Fund until being used.
FINDINGS AND CONCLUSIONS: Funds collected must be used for the affordable housing purposes defined in Ocala's Municipal Code Article IV, Section 106. To ensure that all affordable housing incentive funding is used only for its stated purpose, a separate account is essential for tracking purposes.
FISCAL IMPACT: All Affordable Housing Incentive Fund revenues will be moved to account string 112-345-000-000-02-34105, expenses to account string 112-016-064-554-55*, and reserves to account string 112-099-999-541-81-99064.
PROCUREMENT REVIEW: N/A
LEGAL REVIEW: This budget resolution will be reviewed and approved for form and legality by City Attorney, William E. Sexton.
ALTERNATIVE:
* Adopt with changes
* Table
* Deny
BUDGET RESOLUTION 2024-142
A RESOLUTION AMENDING THE FISCAL YEAR 2023-24 BUDGET TO TRANSFER FUNDS FROM THE GENERAL FUND TO A NEW ACCOUNT AS PART OF THE AFFORDABLE HOUSING INCENTIVE FUND TOTALING $1,549,114
WHEREAS, the Affordable Housing Incentive Fund was created to encourage new construction and rehabilitation of affordable housing by of...
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