Submitted By: Tammi Haslam
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Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
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Adopt Budget Resolution 2023-160 establishing the tentative Fiscal Year 2023-2024 millage rates for the Downtown Development Districts at the current rates of 1.7185 (District A), 1.6332 (District B) and 1.4699 (District C)
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The budget was presented to City Council during a workshop on August 22, 2023. The attached budget resolution reflects the Fiscal Year 2023-2024 millage rates for the Downtown Development Districts. Property tax revenue is used specifically for promotion and enhancement of the downtown area. Highlights of the tentative budget follow:
• The Downtown Development fund budget totals $339,474.
• Anticipated Ad Valorem tax revenue including interest for the three districts totals $128,999.
• The budget is balanced with the following millage rate for each district:
o District A - 1.7185 mills
o District B - 1.6332 mills
o District C - 1.4699 mills
FINDINGS AND CONCLUSIONS:
Per Florida Statutes, Section 200.065, the City Council must hold a public hearing to adopt the tentative millage and budget for the Downtown Development fund of the City of Ocala. The Council, Mayor, City Manager, and all departments have participated in the budget process.
FISCAL IMPACT:
The proposed Fiscal Year 2023-2024 budget for the Downtown Development fund to be tentatively adopted on September 5, 2023 totals $339,474.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
BUDGET RESOLUTION 2023-160
A RESOLUTION ADOPTING THE TENTATIVE LEVYING OF AD VALOREM TAXES FOR THE DOWNTOWN DISTRICTS A, B, AND C FOR FISCAL YEAR 2023-2024
WHEREAS, the City of Ocala, Florida, on September 5, 2023, adopted fiscal year tentative millage rates for the Downtown Districts A, B, and C following a public hearing as required by Florida Statute 200.065; and
WHEREAS, the City of Ocala, Florida, held a public hearing as required by Florida Statute 200.065; and
WHEREAS, the gross taxable value for operating purposes not exempt from taxation within the Downtown Districts A, B, and C has been certified by the Marion County Property Appraiser as:
District A: $39,939,253
District B: $27,864,577
District C: $14,724,691
NOW THEREFORE, BE IT RESOLVED by the City of Ocala, Florida, that:
1. The Fiscal Year 2023-2024 operating millage rate for Downtown District A is 1.7185, which is greater than the rolled-back rate of 1.5802 by 8.75%.
2. The Fiscal Year 2023-2024 operating millage rate for Downtown District B is 1.6332, which is greater than the rolled-back rate of 1.5716 by 3.92%.
3. The Fiscal Year 2023-2024 operating millage rate for Downtown District C is 1.4699, which is greater than the rolled-back rate of 1.1853 by 24.01%.
This resolution adopted this ______ day of ______________________, 2023.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs James P. Hilty Sr.
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