OCEAN CITY – Resort officials last week voted to adopt the fiscal year 2024 operating budget with a tax rate set above the constant yield.
Last week, the Mayor and Council had before them a second reading of the fiscal year 2024 operating budget. The town’s spending plan, which totals $155,155,151, includes a general fund budget of $105,073,940 and a tax rate set at $0.4526 per $100 of assessed value.
“This is to adopt the fiscal year 2024 proposed operating budget,” City Solicitor Heather Stansbury said.
In March, City Manager Terry McGean and Budget Manager Jennie Knapp presented the Mayor and Council with the proposed fiscal year 2024 budget. And over the course of two weeks, city officials held a series of budget work sessions to discuss topics such as emergency services and public safety requests, room tax, advertising and more.
The budget approved on second reading last week features a tax rate of $0.4526 per $100 of assessed value, which is the same as the current fiscal year tax rate. Because the rate is higher than the constant yield rate – or the rate needed to provide the same level of revenue as the prior year – the town expects to generate real property tax revenues of $43,219,002, which funds 41% of the general fund budget.