OCEAN CITY — A review of the town’s annual comprehensive financial report revealed everything came up rosy in the post-pandemic fiscal year 2021 with “significant gains” in nearly every major category.
Finance Director Chuck Bireley, along with Assistant Finance Director Shawn Bunting, presented the report to the Mayor and Council on Tuesday. Bireley explained revenues for fiscal year 2021 were budgeted at around $90 million and actually came in at a little over $95 million for a favorable variance of a little under $5 million. Conversely, expenditures were budgeted at around $84 million and came in at about $74 million, for a positive variance of $5.7 million. The change in fund balance was budgeted at $1.5 million, but ended over $9 million, resulting in a variance of $10.6 million.
“We had significant positive variances in revenue and expenditures,” he said. “The $10.6 positive variance in the general fund balance was the largest single level of growth in the town’s history.”
In terms of unassigned general fund balance, the amount went from $23 million in fiscal year 2020 or roughly 30 percent, to nearly $29 million in fiscal year 2021, or roughly 37%. The town’s long-stated goal for general fund balance as a percentage of expenditures has been 15%, but the desire in recent years has been to grow that to 20% and beyond. Now, however, it has grown to nearly 37%.
Bireley said key component of the increase in fund balance was an unexpected increase in room tax revenue, which increased nearly $3.5 million from fiscal year 2020. Because of the pandemic, resort officials often compare fiscal year 2021 to pre-COVID fiscal year 2019 as more of an apples-to-apples comparison. Still, room tax increased by over $2.6 million compared to 2019.
Crybabies there have a BOOM Every year !!!!! Even in 2020 !!!!!
Good deal.
Save save save, another storm brewing and thats expenses for weekend events with police presence. Still have YET to come up with a plan for summer. Talking about housing (badly needed for over 30 years) still doesnt work. Rickie, how long u been around? Dennis? Others with influence? Still nothing done and still talking. Jacked up taxes of course there is a BOOM. Boom by the way went the Angler last nite, several West O places the last couple of years. Interesting eh?
Manufactored revenue BOOM thats all. Save for tomorrow or you will once again that perceived need to a half a percent tax increase.
Little over 4 months until Spring.
Why don’t they pay the town employees better? Give a cost of living allowance.
Clarify this comment please. “Regular” town employees get paid fine. Seasonal get to suck the exhaust gas.
They don’t care about them !!!!!! The a-holes at the top could care less !!!!! They get theirs though !!!!! Too much , more than they are worth !!!!! OLE Boy network !!!
They don’t care about their Pee-ons !!!!! That’s WHY
They will still cry and moan about what a bad year they had. Money hungry jerks.