Submitted By: Tammi Haslam
presenter
Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
title
Adopt Budget Resolution 2023-161 for the tentative Fiscal Year 2023-2024 budget for the Downtown Development fund in the amount of $339,474
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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 budget for the Downtown Development fund. 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 2023-161
A RESOLUTION OF THE CITY OF OCALA, FLORIDA, ADOPTING THE TENTATIVE BUDGET FOR DOWNTOWN DISTRICTS A, B, AND C FOR FISCAL YEAR 2023-2024 IN THE AMOUNT OF $339,474
WHEREAS, the City of Ocala, Florida, on September 5, 2023, 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 2023-2024 in the amount of $339,474.
NOW THEREFORE, BE IT RESOLVED by the City of Ocala, Florida, that:
1. The Fiscal Year 2023-2024 tentative budget be adopted.
2. This resolution will take effect immediately upon its adoption.
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