Submitted By: Tammi Haslam
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Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
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Adopt Resolution 2024-166 establishing the tentative Fiscal Year 2024-25 millage rates for the Downtown Development Districts at the current rates 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 an August 13, 2024, workshop. The attached budget resolution reflects the Fiscal Year 2024-25 millage rates for the Downtown Development Districts. Property tax revenue is used specifically for the promotion and enhancement of the downtown area. Highlights of the tentative budget follow:
* The Downtown Development fund budget totals $547,762.
* Anticipated Ad Valorem tax revenue, including interest for the three districts, totals $142,779.
* 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 2024-25 budget for the Downtown Development fund, to be tentatively adopted on September 3, 2024, totals $547,762.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
RESOLUTION 2024-166
A RESOLUTION OF THE CITY OF OCALA ADOPTING THE TENTATIVE LEVYING OF AD VALOREM TAXES FOR THE DOWNTOWN DISTRICTS A, B, AND C FOR FISCAL YEAR 2024-25
WHEREAS, the City of Ocala, Florida, on September 3, 2024, adopted fiscal year tentative millage rates for the Downtown Districts A, B, and C follow...
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