Submitted By: Tammi Haslam
presenter
Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
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CRA Budget Resolution 2025-104 to adopt the Fiscal Year 2025-26 budget - West Ocala Redevelopment Subarea Fund in the amount of $5,028,197
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The attached budget resolution reflects the Fiscal Year 2025-26 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 West Ocala redevelopment purposes only. Highlights of the budget are as follows:
• Operating expenses - $509,468
• Capital expenses - $300,000
• Non-Operating Expenses - $80,000
• Aids to other organizations - $600,000
• Reserves - $3,538,729
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 2025-26 budget for the West Ocala Redevelopment Subarea Fund, to be adopted on September 3, 2025, totals $5,028,197.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
CRA BUDGET RESOLUTION 2025-104
A RESOLUTION TO ADOPT A BUDGET FOR THE
WEST OCALA REDEVELOPMENT SUBAREA FUND FOR FISCAL YEAR 2025-26 IN THE AMOUNT OF $5,028,197
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 3, 2025, 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 $5,028,197 for the period beginning October 1, 2025, through September 30, 2026, is hereby adopted.
This resolution adopted this ______ day of ______________________, 2025.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs Kristen M. Dreyer
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