Ocala expected to approve budget of $1.06 billion for coming year

File photo: City Manager Peter Lee, right, listens with Councilman Barry Mansfield, left, during the Ocala City Council at Ocala City Hall in Ocala on Tuesday, May 3, 2022. [Bruce Ackerman/Ocala Gazette] 2022.

The city of Ocala’s budget is expected to surpass $1.06 billion for the coming fiscal year, as the Ocala City Council is set to vote its final approval on Sept. 11.

On Tuesday, the city council approved the tentative budget of $1,063,605,100 for the 2024-25 Fiscal Year, which begins on Oct. 1. Of those funds, the city will be able to utilize a General Fund totaling $172,849,452.

The operating millage rate, the amount of tax that will be paid for each $1,000 of property value, has been set at 6.6177, which is greater than the rollback rate of 6.3257 by 4.62%, said Budget Director Tammi Haslam.

“Revenues are increasing to support the addition of public safety employees, as well as to assist with increasing cost pressures related to salary benefits and operating costs,” Haslam said.

The millage rate will allow for about $4.6 million more in property tax revenue than the previous year, for a total of $48,971,562.

With that increase of funds, $3,824,264 more will go toward the General Fund, $22,279 more will go toward road improvements, $174,093 more will go toward police and fire improvements, and $87,047 more will go toward neighborhood advancements.

The road improvement fund, totaling $9.5 million, includes funds for projects such as the parking lot improvement program, building a second downtown parking garage, the Transportation Rehabilitation and Improvement Program, new roundabouts and signaling.

Funds totaling $1.6 million will also go toward the design and build of a fire training center, resurfacing of the Jervey Gantt Trail, and the Fire Station 7 metal building.

Expenditures for the coming year are expected to reach $556,728,411, leaving the city with $506,876,771 in funds toward transfers and reserves.

The city will also use $150,000 in funds to provide community sponsorships to a number of nonprofit agencies; including $100,000 for the Community Foundation of Ocala/Marion County; and $10,000 each for the PACE Center for Girls, Marion Cultural Alliance, Marion County Veterans Helping Veterans, Marion County Children’s Alliance, and the Dr. Martin Luther King Jr. Commemorative Commission Inc.

The millage rate has also been set for the three Downtown Development Districts; 1.7185 for District A, 1.6332 for District B, and 1.4699 for District C. The total FY 2024-25 budget for the Downtown Development Fund is $547,762

“Ad valorem tax revenues are increasing to support increased operating expenditures in the districts,” said Haslam.

Before the final approval of the FY 2024-25 budget on Sept.11, a public hearing will be held at 5:01 p.m. and citizens will have the opportunity to deliver comments.

To estimate your property tax, visit pa.marion.fl.us/TaxPortabilityEstimator.aspx