OCEAN CITY – Despite final pleas from some, the Mayor and City Council passed the upcoming fiscal year budget based on a tax rate of 47.8 cents per $100 of assessed property value.
On Monday evening, the council was presented the Fiscal Year 2016 Operating Budget for approval in its second and final reading.
The budget is based on a tax rate set at constant yield of 47.8 cents for $100 of assessed property value. The town’s current property tax rate is set at 47.04 cents. The property tax rate proposed will generate $40,239,417.
As of the end of FY15, which is June 30, approximately $2 million will be available for appropriation, which leaves over $11 million in reserve, meeting the town’s fiscal policy of 15 percent of previous year General Fund expenditures.
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