Ocean City spent less and earned more than what was originally projected in the 2016 fiscal year budget, resulting in a $2.14 million, or a little over 1 percent, net increase in the resort’s funds.
That spike was a result of the city departments overestimating their expenses at $77 million and underestimating its revenue at $80 million from July 2015 to July 2016. With last year’s adopted budget, that put the city at a $2 million deficit.
Instead, Financial Administrator Martha Bennett reported that Ocean City ended the fiscal year with a surplus. Actual revenues were at $81 million with expenses down at $75 million.
“We had revenue above what was expected through bond refinancing and adjusting other finances, and expenses were less than we thought,” Bennett said during Monday’s council session. “That led to a favorable fund balance by the year’s end.”