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 Budget Resolution 2023-163 for the tentative Fiscal Year 2023-2024 budget for the City of Ocala in the amount of $1,000,397,742
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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 City of Ocala budget to be tentatively adopted. Highlights of the tentative budget follow:
* The overall budget totals $1,000,397,742.
* The General Fund budget totals $158,581,618.
* The budget is balanced at a millage rate of 6.6177 which is 8.24 percent above the rolled-back rate of 6.1139.
* 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 percent level.
* 15 percent 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 5, 2023.
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 2023-2024 budget to be tentatively adopted on September 5, 2023 totals $1,000,397,742. This total includes the Downtown Development fund which was adopted by the City Council on September 5, 2023.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE: ...
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