Submitted By: Judy Wade
presenter
Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
title
Adopt Budget Resolution 2025-171 amending the Fiscal Year 2024-25 budget to recognize a General Fund transfer into the Bank Loan Series 2022 debt fund in the amount of $4,226,252
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The adopted Fiscal Year 2024-25 budget included a transfer out of the General Fund to the Bank Loan Series 2022 debt fund. However, the transfer into the debt fund was not appropriated as part of the adopted budget pending final reconciliation at the end of Fiscal Year 2023-24.
FINDINGS AND CONCLUSIONS:
After reconciliation, it was determined that the transfer into the debt fund is appropriate to ensure sufficient funds are available at the beginning of Fiscal Year 2025-26 to support the debt service payment.
FISCAL IMPACT:
$4,226,252 will be recognized in revenue account 265-381-000-000-19-38101 and expense account 265-099-999-513-81-99999.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
• Approve with amendments
• Deny
• Table
BUDGET RESOLUTION 2025-171
A Resolution amending the Fiscal Year 2024-25 budget to RECOGNIZE A GENERAL FUND TRANSFER INTO THE BANK LOAN SERIES 2022 DEBT FUND in the amount of $4,226,252
WHEREAS, the adopted Fiscal Year 2024-25 budget included a transfer out of the General Fund to the Bank Loan Series 2022 debt fund; and
WHEREAS, the transfer into the Bank Loan Series 2022 debt fund was not appropriated as part of the adopted budget pending final reconciliation at the end of Fiscal Year 2023-24; and
WHEREAS, after reconciliation, it was determined that the transfer into the debt fund is appropriate to ensure sufficient funds are available at the beginning of Fiscal Year 2025-26 to support the debt service payment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA, duly assembled in regular session, that the Fiscal Year 2024-25 budget be amended as outlined below.
SOURCE:
265-381-000-000-19-38101 Transfer In - General Fund $4,226,252
USE:
265-099-999-513-81-99999 Reserve for Fund Balance $4,226,252
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