OCEAN CITY – Members of the Ocean City Mayor and Council got their first look at a balanced fiscal year 2022 budget of around $158 million that reflects the constant yield tax rate.
City Manager Doug Miller and Budget Manager Jennie Knapp on Tuesday outlined the fiscal year 2022 budget, launching a two-week process that will ultimately end with an adopted spending plan for the city. The total budget for all funds is around $158 million with the general fund making up around $91 million.
“This is the kickoff to the fiscal year 2022 budget,” he said. “The staff worked with the budget manager to get us to this point. The departments brought us very thoughtful presentations.”
The proposed fiscal year 2022 budget presented on Tuesday sets the property tax rate at the constant yield rate of .4561, which is slightly higher than the current rate of .4559. For the record, the constant yield is the property tax rate needed to provide the same level of revenue for municipal services and programs as the prior year.
You know….nope, its Fryday and im not gonna bring up esss today.
Happy TGIF Rickie.
Most OC residents don’ realize that this continues to enable their “rulers” to continue to spend what they want NO MATER what it costs.
“With a $300,000 assessed value, the constant yield tax rate will amount to an additional $6 per year in property tax,” he said. “That’s 50 cents a day.”
Ummm really? That math doesn’t seem right to me. $6 dollars per year=50cents per day?? Not even close. Rounding up it is about 2 cents per day