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 CRA Budget Resolution 2024-104 for the Fiscal Year 2024-25 budget - North Magnolia Redevelopment Subarea Fund in the amount of $1,152,499
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The attached budget resolution reflects the Fiscal Year 2024-25 budget for the North Magnolia Redevelopment Subarea Fund. This fund accounts for the Tax Increment Financing (TIF) program. The TIF allows a tax increment to be set aside in a trust for North Magnolia redevelopment purposes only. Highlights of the budget follow:
* Operating expenses - $161,610
* Capital expenses - $430,000
* Aid to other organizations - $100,000
* Reserves - $460,889
FINDINGS AND CONCLUSIONS:
Per Florida Statutes, Section 189.016, the Community Redevelopment Agency Advisory Board must hold a public meeting to adopt the budget for the North Magnolia Community Redevelopment Subarea Fund of the City of Ocala.
FISCAL IMPACT:
The proposed Fiscal Year 2024-25 budget for the North Magnolia Redevelopment Subarea Fund that will be adopted September 3, 2024, totals $1,152,499.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Provide alternative direction
CRA BUDGET RESOLUTION 2024-XXX
A RESOLUTION TO ADOPT A BUDGET FOR
THE NORTH MAGNOLIA REDEVELOPMENT SUBAREA
FUND FOR FISCAL YEAR 2024-25 IN THE AMOUNT OF $1,152,499
WHEREAS, in 1988, City Council established the Community Redevelopment Agency (CRA) of the City of Ocala and designated the City Council as the Agency pursuant to Section 163.357, Florida Statutes; and
WHEREAS, in 1988, City Council established the redevelopment trust fund and provided for the deposit therein of tax increment revenues as described in Section 163.387(1), Florida Statutes to be utilized for community redevelopment purposes only; and
WHEREAS, the North Magno...
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