City Manager Doug Miller and Finance Administrator Martha Bennett on Tuesday presented the City Council with a strategic financial plan that concludes a significant tax increase is likely to be needed.
The financial plan includes forecasts of revenue, costs, inflation and the continued pursuit of several projects that are on officials’ priority list. Once finalized, the document is supposed to guide the council on how to pay for various line items in budgets for the next five fiscal years.
Bennett told the council that if all assumptions were met, the property tax rate would need to be raised in fiscal year 2019 to 50.13 cents per $100 assessed value, which is a little more than 7.5 percent higher than the current rate.
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7 comments:
I wonder if they factored in the costs of lighting up their water towers.
Rich people problems.
Whoa 343 - water towers are a PRIORITY! Especially since everyone on the boards (at night) will only want to see that tower "lit" up.
Water Towers, painted trash cans and wind mills....who has time trying to figure out how to fill hotel rooms mid-week?
Yep yep yep!
4:57. Stupid statement.
6:33 Ain't nobody I work with or live in my neighborhood owns any condo or houses in OC. Why is it stupid?
But they REALLY NEED a parking garage for city employees!
Ocean City...It's always Open Season on the golden goose!
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