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 2024-173 approving the Fiscal Year 2024-25 budget for the City of Ocala in the amount of $1,063,605,182
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
Ocala Gazette 09/06/2024
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BACKGROUND:
Public hearings were held on September 3, 2024, adopting a tentative millage rate and a tentative budget for the City of Ocala. The required Truth in Millage advertisements were published in the Ocala Gazette on September 6, 2024. Public hearings will be held on September 11, 2024, at 5:01 p.m. at City Hall Council Chambers, located at 110 S.E. Watula Avenue, to adopt the final millage rate and final budget for the City of Ocala. The final millage rate adopted cannot exceed the tentative rate adopted on September 3, 2024. Highlights of the final budget are as follows:
• The overall budget totals $1,063,605,182.
• The General Fund budget totals $172,849,452.
• The budget is balanced at a millage rate of 6.6177, which is 4.62 percent above the rolled-back rate of 6.3257.
• The additional revenue derived from the increase over the rolled-back rate will support the addition of public safety employees and assist with increasing cost pressures related to salary, benefit, and operating costs.
• The General Fund reserve for fund balance is fully funded at the 20 percent level.
• Fifteen percent of budgeted revenues are transferred from Enterprise Funds to the General Fund.
• All funds are balanced revenues to expenditures.
• The budget includes an updated citywide fee schedule.
• The Community Redevelopment Agency Advisory Board adopted the Community Redevelopment Subarea Funds' budgets on September 3, 2024.
FINDINGS AND CONCLUSIONS:
Per Florida Statutes, Section 200.065, the City Council must hold a public hearing to adopt the final millage and budget for the City of Ocala. The Council, Mayor, City Manager, and all departments have participated in the budget process.
FISCAL IMPACT:
The proposed Fiscal Year 2024-25 budget to be adopted on September 11, 2024, totals $1,063,605,182. This total includes the Downtown Development fund adopted on September 11, 2024.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
None
BUDGET RESOLUTION 2024-173
A RESOLUTION OF THE CITY OF OCALA, FLORIDA, ADOPTING THE FINAL BUDGET FOR FISCAL YEAR 2024-25 IN THE AMOUNT OF $1,063,605,182
WHEREAS, the City of Ocala, Florida, on September 11, 2024, held a public hearing as required by Florida Statute 200.065; and
WHEREAS, the City of Ocala, Florida set forth the appropriations and revenue estimate for the budget for Fiscal Year 2024-25 in the amount of $1,063,605,182.
NOW THEREFORE, BE IT RESOLVED by the City of Ocala, Florida, that:
1. The Fiscal Year 2024-25 final budget be adopted.
2. The final budget includes the updated citywide fee schedule.
3. This resolution will take effect immediately upon its adoption.
This resolution adopted this ______ day of ______________________, 2024.
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