Submitted By: Holly Lang, Fiscal Manager
presenter
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 offering to offset city-imposed development charges; and
WHEREAS, funds are collected by currently charging .05 per square foot of any new construction or new addition to an existing structure; and
WHEREAS, the Affordable Housing Incentive Fund fees are adopted through the City’s annual budget process; and
WHEREAS, funds collected must be used for affordable housing purposes as defined in the City of Ocala’s Municipal Code Article IV, Section 106; and
WHEREAS, these funds have historically been part of the City’s General Fund; and
WHEREAS, to properly track the affordable housing revenue and expenses, a new account (fund 112) has been established; and
WHEREAS, all affordable housing revenues and expenses are being transferred to the newly created fund.
NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA, duly assembled in regular session, that the Fiscal Year 2023-24 budget be amended as outlined below.
SOURCE:
001-099-999-554-81-99064 Reserve for Affordable Housing ($1,549,114)
112-381-000-000-19-38101 Transfer In- General Fund $1,549,114
USE:
112-016-064-554-55-82010 Aids to Private Organizations $1,070,000
112-099-999-554-81-99064 Reserve for Affordable Housing $ 479,114
001-099-999-554-81-91112 Transfer to Affordable Housing Fund ($1,549,114)
This resolution adopted this ______ day of ______________________, 2024.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs Barry Mansfield
City Clerk President, Ocala City Council
Approved as to form and legality:
By: _________________________________
William E. Sexton
City Attorney
Reviewed for accounting accuracy & completeness:
By: _________________________________
Peter A. Lee
City Manager