FY 24 Budget was prepared by the Town Manager & Town Treasurer & reviewed by the Town Commission President before submittal to the Town Commissioners for debate & discussion. Two work sessions were held, a few changes were made and FY 24 Budget was introduced by ordinance for its first reading on May 22. The FY 24 proposed budget was put on the Town’s web page and was available for review by the public since its introduction. Also, the ordinance and this required budget public hearing were advertised in the Daily Times as required by the Town Charter. The final step in the process is tonight to hear any further additional public comment regarding the FY 24 proposed budget. After which during the regular town meeting to occur immediately after the conclusion of this public hearing, the Town Commissioners will consider the ordinance and thus the FY 24 Budget for adoption.
The proposed budget calls for a very slight increase in the real property tax rate going from .28 cents per $100 of assessed value to $.2875 cents per $100 of assessed value an increase of 2.68%. The only other major change is the revenue line item for the MLGIP interest we expect to receive now that the Town is participating in the MLGIP (Maryland Local Government Investment Pool). The surpluses from each completed FY are carried forward from budget to budget and this fiscal year coming is now projected to be 413,133.
On the expense side, the major new change is the addition of a full time police officer at $99,169.60, a 33% increase for the PVFD & EMS going from $7500 each to $10,000 each, a line item of $5,000 for EDC activities, and $5,000 to prepare a study to see if the Town wants to enroll its full time employees in the Maryland State Retirement Pension Fund.
The Town has again apply to DHCD to continue in the MD TMCR grant program which has provided the Town with a Town Manager paid thru the grant. Employee pay increase is recommended at 5% across the board & retirement remains at 12% of annual salary for full time employees (excluding the Town Manager)
On the Utility side of water & sewer, no change in citizen/resident rates. However, due to increased costs for materials for water/sewer connections, that fee is proposed to increase from $1500 each to $2500 each.
For the time being, since the Town has about 50% of its ARP funding still available, the Town Manager has recommended that any MAJOR repairs or improvements not covered by grant funding be paid out of the ARP budget. A revised up to date ARP budget will be presented to the Town Commissioners at the July 2023 town meeting.
Should anyone have questions, desire additional information, or want clarification on the above, you are encouraged to contact the Town Manager at 410-835-8872.