Submitted By: Tammi Haslam
presenter
Presentation By: Tammi Haslam
end
Department: Budget
STAFF RECOMMENDATION (Motion Ready):
title
Adopt Budget Resolution 2024-173 approving the Fiscal Year 2024-25 budget for the City of Ocala in the amount of $1,063,605,182
end
OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
Ocala Gazette 09/06/2024
body
BACKGROUND:
Public hearings were held on September 3, 2024, adopting a tentative millage rate and a tentative budget for the City of Ocala. The required Truth in Millage advertisements were published in the Ocala Gazette on September 6, 2024. Public hearings will be held on September 11, 2024, at 5:01 p.m. at City Hall Council Chambers, located at 110 S.E. Watula Avenue, to adopt the final millage rate and final budget for the City of Ocala. The final millage rate adopted cannot exceed the tentative rate adopted on September 3, 2024. Highlights of the final budget are as follows:
* The overall budget totals $1,063,605,182.
* The General Fund budget totals $172,849,452.
* The budget is balanced at a millage rate of 6.6177, which is 4.62 percent above the rolled-back rate of 6.3257.
* The additional revenue derived from the increase over the rolled-back rate will support the addition of public safety employees and 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.
* Fifteen percent of budgeted revenues are transferred from Enterprise Funds to the General Fund.
* All funds are balanced revenues to expenditures.
* The budget includes an updated citywide fee schedule.
* The Community Redevelopment Agency Advisory Board adopted the Community Redevelopment Subarea Funds' budgets on September 3, 2024.
FINDINGS AND CONCLUSIONS:
Per Florida Statutes, Section 200.065, the City Council must hold a public hearing to adopt the final millage and budget for the City of Ocala....
Click here for full text