Ocean City Today
https://oceancitytoday.villagesoup.com/p/1747662

OC $129 million FY 19 budget first reading

Numbers change little from work session figures with second reading May 21
By Greg Ellison | May 10, 2018

(May 11, 2018) The Ocean City Council approved the first reading of a more than $129 million fiscal year 2019 operating budget, which includes just over $85 million for the general fund.

Little discussion preceded Monday’s vote after Budget Manager Jennie Knapp reported the final figures represent an increase of more than $635,000 from the current fiscal year.

Despite the additional spending, Knapp said the sum is small enough that no tax increase will be required, with the coming year’s rates the same as the current year’s — .4656 per $100 of assessed value of real property and $1.29 per $100 of assessed value of corporate and personal property.

The council could have kept tax bills mostly level by adopting the state-calculated constant yield rate of .4667 cents. The difference in dollars generated between the two rates is $11 on a property valued at one million dollars.

The constant yield rate increased slightly for fiscal 2019 after assessments decreased almost a quarter of one percent.

Property taxes are the top revenue source at approximately $43.1 million, up from the $40.68 million collected during the current fiscal year.

Public safety leads the pack for expenditures at approximately $35.9 million, up from roughly $35.3 million during fiscal 2018.

The budget figures are largely unchanged from the numbers presented following a handful of budget work session in April.

The council will hold a second reading for the fiscal 2019 budget on May 21 prior to final passage in June.

 

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