Submitted By: Judy Wade
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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 2025-171 amending the Fiscal Year 2024-25 budget to recognize a General Fund transfer into the Bank Loan Series 2022 debt fund in the amount of $4,226,252
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The adopted Fiscal Year 2024-25 budget included a transfer out of the General Fund to the Bank Loan Series 2022 debt fund. However, the transfer into the debt fund was not appropriated as part of the adopted budget pending final reconciliation at the end of Fiscal Year 2023-24.
FINDINGS AND CONCLUSIONS:
After reconciliation, it was determined that the transfer into the debt fund is appropriate to ensure sufficient funds are available at the beginning of Fiscal Year 2025-26 to support the debt service payment.
FISCAL IMPACT:
$4,226,252 will be recognized in revenue account 265-381-000-000-19-38101 and expense account 265-099-999-513-81-99999.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
* Approve with amendments
* Deny
* Table
BUDGET RESOLUTION 2025-171
A RESOLUTION AMENDING THE FISCAL YEAR 2024-25 BUDGET TO RECOGNIZE A GENERAL FUND TRANSFER INTO THE BANK LOAN SERIES 2022 DEBT FUND IN THE AMOUNT OF $4,226,252
WHEREAS, the adopted Fiscal Year 2024-25 budget included a transfer out of the General Fund to the Bank Loan Series 2022 debt fund; and
WHEREAS, the transfer into the Bank Loan Series 2022 debt fund was not appropriated as part of the adopted budget pending final reconciliation at the end of Fiscal Year 2023-24; and
WHEREAS, after reconciliation, it was determined that the transfer into the debt fund is appropriate to ensure sufficient funds are available at the beginning of Fiscal Year 2025-26 to support the debt service payment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA, duly...
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