Submitted By: Tammi Haslam
presenter
Presentation By: Tammi Haslam
end
Department: Budget
STAFF RECOMMENDATION (Motion Ready):
title
Adopt Budget Resolution 2024-169 for the tentative 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:
N/A
body
BACKGROUND:
The budget was presented to City Council during an August 13, 2024, workshop. The attached budget resolution reflects the Fiscal Year 2024-25 City of Ocala budget to be tentatively adopted. Highlights of the tentative budget follow:
* 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 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.
* Fifteen percent of budgeted revenues are transferred from Enterprise Funds to the General Fund.
* All funds are balanced revenues to expenditures.
* 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 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 2024-25 budget to be tentatively adopted on September 3, 2024, totals $1,063,605,182. This total includes the Downtown Development fund which was adopted by the City Council on September 3, 2024.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Prov...
Click here for full text