A positive budget variance and increased fund balance highlighted an annual financial report for the Town of Ocean City.
In a work session Tuesday, finance staff presented the resort’s fiscal year 2023 annual comprehensive financial report. When questioned about the growing unassigned fund balance, which is now at more than 32%, staff said City Manager Terry McGean, Finance Director Chuck Bireley and Budget Manager Jennie Knapp would be meeting soon to discuss it.
“The unassigned fund balance did increase this year. There will be further discussions on how to spend that,” Assistant Finance Director Shawn Bunting said.
In presenting the annual report, which is available on the town’s website, Bunting said the general fund ended the fiscal year with a positive variance. Revenues were about $2 million more than projected, coming in at $109 million.
“That was primarily due to room taxes and admissions and amusement tax increases over what was projected, as well as interest earnings,” Bunting said.