OCEAN CITY – Salary increases, additional public safety positions, and a tax rate above constant yield highlighted last week’s introduction of the fiscal year 2024 budget.
Last Thursday, City Manager Terry McGean and Budget Manager Jennie Knapp presented the Mayor and Council with the fiscal year 2024 budget, launching a two-week review process. The proposed spending plan for all funds totals $155 million, with the general fund making up more than $104 million.
“I truly believe that this budget is a responsible reflection of the resources each department needs in order to fulfill their mission and in many cases improve the current level of services that we provide,” McGean said.
The proposed fiscal year 2024 budget maintains the current property tax rate at $0.4526 per $100 of assessed value, which is slightly higher than the constant yield rate needed to provide the same level of revenue for municipal services as the prior year. McGean said the additional revenue generated would allow the town to fund four additional full-time police officers and eight additional firefighter-EMTs.
“It does reflect an increase in the constant yield,” he said. “The current property tax rate is 45.26 cents per $100 of assessed value. The constant yield rate would be 44.76 cents per $100 of assessed value. The additional revenue of $478,005 from assessment increases above constant yield is what is needed to cover the gap to fund the eight new full-time firefighter-EMT positions and the four new full-time police officers.”