Submitted By: Peter Lee
presenter
Presentation By: Tammi Haslam
end
Department: Budget
STAFF RECOMMENDATION (Motion Ready):
title
Adopt Budget Resolution 2022-168 establishing the Tentative Fiscal Year 2022-2023 Millage Rate for the City of Ocala at the current rate of 6.6177
end
OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable, Quality of Place
PROOF OF PUBLICATION:
N/A
body
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 rate to be levied. Highlights of the tentative budget follow:
* The overall budget totals $970,633,613.
* The General Fund budget totals $138,432,730.
* The budget is balanced at a millage rate of 6.6177 which is 9.55% above the rolled-back rate of 6.0407.
* The additional revenue derived from the increase over the rolled-back rate will support the addition of public safety employees as well as assist with increasing cost pressures related to salary, benefit, and operating costs.
* The General Fund reserve for fund balance is fully funded at the 20% level.
* 15% of budgeted revenues are transferred from Enterprise Funds to the General Fund.
* All funds are balanced revenues to expenditures.
* The Community Redevelopment Subarea Funds' budgets were adopted by the Community Redevelopment Agency Advisory Board on September 6, 2022.
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 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 to be tentatively adopted on September 6, 2022 totals $970,633,613. This total includes the Downtown Development Fund which was adopted by the Community Redevelopment Agency Advisory Board on September 6, 2022.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A...
Click here for full text