TAX INCREMENT FINANCING
Like most CRAs, the Ocala CRA is funded primarily through tax increment financing (TIF). Tax increment financing is a unique tool available to cities and counties for redevelopment activities. Tax Increment funds are based on ad valorem property taxes. The CRA is not a taxing authority, nor does it set millage rates or assess property. Tax increment funds come through existing taxing entities, including the City of Ocala and Marion County but not including the school district or the water management district.
The CRA tax increment revenues can be used immediately, saved for a particular project, or can be bonded to maximize the funds available. Any funds received from a tax increment financing area must be used for specific redevelopment purposes within the sub-area, and not for general government purposes.
BUDGETS AND BUDGET AMENDMENTS
The CRA budget documents, tentative budgets, final adopted budgets and budget amendments are contained within the City of Ocala budget documents. CRA budgets are included under Other General Funds in the Budget Detail Section.
Additional budget links:
- Budget resolutions
- Tentative budget---materials on the proposed CRA budget for the upcoming Fiscal Year (Fiscal Years begin each October 1) are found under Budget Workshops.
GENERAL FINANCIAL INFORMATION & ANNUAL FINANCIAL REPORTS / AUDITS
Fiscal Year Period: October 1 – September 30
The CRA annual report is contained within the City of Ocala Comprehensive Annual Financial Report (CAFR). Although legally separate, the CRA is appropriately blended as a governmental fund type component unit into the primary government. The CRA is presented separately as a major government fund. This site contains most recent and past CAFRs.
Link to Department of Financial Services – Local Government Financial Reporting webpage to view Annual Financial Reports.