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.”
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4 comments:
From the full article:
"Another indication of the resort’s strong financial standing is how much it collected in property taxes. Bennett said Ocean City generated $42.5 million in that stream. That amounts to more than half of the city’s income.
“In 2008 and 2009, property tax generated $44 million and $47 million. That’s considerably lower than where we are today,” Bennett said."
The writer needs to proofread what she wrote. In what world is $44 million and $47 million lower than $42.5 million.
Give it back to the employees on the low end that work so hard all summer to make it all happen...
please OH please City Hall - bank that money for unexpected bills. DO not spend it just to spend it.....You can't give it back to taxpayers (because you won't) so please OH PLEASE bank that money to build on it.
I dare you to bank it! DOUBLE DARE you actually!
434
You mean give it back to the property owners?
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