Submitted By: Peter Lee
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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 2022-166 establishing the Tentative Fiscal Year 2022-2023 Millage Rates for Downtown Development Districts at the current rate of 1.7185 (District A), 1.6332 (District B) and 1.4699 (District C)
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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 23, 2022. The attached budget resolution reflects the Fiscal Year 2022-2023 millage rates for the Downtown Development Districts. 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 $381,900.
* Anticipated Ad Valorem tax revenue including interest for the three districts totals $116,733.
* 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 2022-2023 budget for the Downtown Development fund to be tentatively adopted on September 6, 2022 totals $381,900.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
BUDGET RESOLUTION 2022-166
A RESOLUTION ADOPTING THE TENTATIVE LEVYING OF AD VALOREM TAXES FOR THE DOWNTOWN DISTRICTS A, B, AND C FOR FISCAL YEAR 2022-2023
WHEREAS, the City of Ocala, Florida, on September 6, 2022, adopted Fiscal Year Tentative Millage Rates for the Downtown Districts A, B, and C following a public ...
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