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 2024-171 approving the Fiscal Year 2024-25 budget for the Downtown Development fund in the amount of $547,762
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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 tentative millage rates and a tentative budget for the Downtown Development Districts of 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 rates and final budget for the Downtown Development Districts. The final millage rates adopted cannot exceed the tentative rates adopted on September 3, 2024. Highlights of the final budget are as follows:
• The Downtown Development fund budget totals $547,762.
• Anticipated Ad Valorem tax revenue, including interest for the three districts, totals $142,779.
• 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 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 Fiscal Year 2024-25 budget for the Downtown Development fund to be adopted on September 11, 2024, totals $547,762.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
None
BUDGET RESOLUTION 2024-171
A RESOLUTION OF THE CITY OF OCALA, FLORIDA, ADOPTING THE FINAL BUDGET FOR DOWNTOWN DISTRICTS A, B, AND C FOR FISCAL YEAR 2024-25 IN THE AMOUNT OF $547,762
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 Downtown Districts A, B, and C budget for Fiscal Year 2024-25 in the amount of $547,762.
NOW THEREFORE, BE IT RESOLVED by the City of Ocala, Florida, that:
1. The Fiscal Year 2024-25 final budget be adopted.
2. 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 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