Submitted By: Cindy Krepps
presenter
Presentation By: Tammi Haslam
end
Department: Budget
FORMAL TITLE (Motion Ready):
title
CRA Budget Resolution 2026-104 to adopt the Fiscal Year 2026-27 budget - West Ocala Redevelopment Subarea Fund in the amount of $7,325,288
end
OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
body
BACKGROUND:
The attached budget resolution reflects the Fiscal Year 2026-27 budget for the West Ocala Redevelopment Subarea Fund. This fund accounts for the Tax Increment Financing (TIF) program. The TIF allows a tax increment to be set aside in a trust for redevelopment purposes in West Ocala only. Highlights of the budget are as follows:
• Operating expenses - $784,701
• Capital expenses - $1,550,000
• Non-Operating Expenses - $80,000
• Aid to private organizations - $1,609,000
• Reserves - $3,301,587
FINDINGS AND CONCLUSIONS:
Per Florida Statutes, Section 189.016, the Community Redevelopment Agency Advisory Board must hold a public meeting to adopt the budget for the West Ocala Community Redevelopment Subarea Fund of the City of Ocala.
FISCAL IMPACT:
The proposed Fiscal Year 2026-27 budget for the West Ocala Redevelopment Subarea Fund, to be adopted on September 9, 2026, totals $7,325,288.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
CRA BUDGET RESOLUTION 2026-104
A RESOLUTION TO ADOPT A BUDGET FOR THE WEST OCALA REDEVELOPMENT SUBAREA FUND FOR FISCAL YEAR 2026-27 IN THE AMOUNT OF $7,325,288
WHEREAS, in 1988, the City Council established the Community Redevelopment Agency (CRA) of the City of Ocala and designated the City Council as the Agency pursuant to Section 163.357, Florida Statutes; and
WHEREAS, in 1988, the City Council established the redevelopment trust fund and provided for the deposit therein of tax increment revenues as described in Section 163.387(1), Florida Statutes, to be utilized for community redevelopment purposes only; and
WHEREAS, the West Ocala Redevelopment Subarea is the portion of the community redevelopment area designated as part of the community redevelopment area pursuant to Resolution 2016-10 adopted November 17, 2015; and
WHEREAS, in accordance with Florida Statutes, Section 189.016, a public hearing was held by the CRA Board on September 9, 2026, to adopt a budget for the West Ocala Redevelopment Subarea.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY ADVISORY BOARD OF THE CITY OF OCALA, FLORIDA, duly assembled, that the West Ocala Redevelopment Subarea Fund budget of $7,325,288 for the period beginning October 1, 2026, through September 30, 2027, is hereby adopted.
This resolution adopted this ______ day of ______________________, 2026.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs Ire Bethea, 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