Dear Friends,
At last night’s City Council meeting, I delivered the administration’s proposed city budget for 2020.
The draft budget includes a half-penny increase to the municipal tax rate. That means the owner of a $500,000 property can expect to pay an additional $25 in taxes this year, if the budget is approved.
The combined value of our real estate – our ratable base – continues to grow by about $100 million a year, and we ended 2019 with a record fund balance of more than $8 million due to another successful summer in revenue.
These factors, our exceptional AA bond rating and low interest rates helped the city sustain an aggressive capital improvement program while limiting the impact on our residents.
I want to thank my senior staff and the entire city team for working on behalf of all taxpayers to deliver this responsible budget.
The
mayor’s proposed budget and my
State of the City address from last night are both available online for everybody to see. This is the first step in the budget process. Finance Director Frank Donato will make a presentation on budgeted revenues and expenses, and City Council will formally “introduce” the budget at the March 26 meeting. Council will then work on potential revisions until a final public hearing and vote in April.
Planned infrastructure improvements for the next five years will be outlined in a capital plan presentation to City Council at the public meeting scheduled for 7 p.m. Thursday, March 12. The capital plan is an important tool that helps us create a responsible schedule for financing all of the work we will complete. But we will be able to change whenever an important need or a great opportunity arises.
I’m sad to report on the passing of Al Keleher last weekend. Al was a veteran, an Ocean City resident and a regular attendee of City Council meetings – but, most of all, he was a gentleman and friend to a lot of folks in Ocean City. We all will miss his quick wit, sharp mind and mischievous smile. I hope you all will join Michele and me in extending deepest condolences to all of Al’s friends and family.
Warm regards,
Mayor Jay A. Gillian
