The Town Council approved the 2024 fiscal year General & Water Fund budgets, which collectively amount to $16,153,844, a decrease of $19,184 over last year.
The General Fund budget calls for revenues of $9,165,631, an increase of $158,132 over last year. Real estate taxes account for approximately $3,110,443 of the town’s revenue; an increase of $182,568 due to the decision of the town to keep the tax rate the same as last year. $140,000 comes from business property taxes; $805,000 is coming from the town’s ‘piggy back’ tax on residents’ state income tax payments; $494,807 comes from the County as ‘rebates’ for the town expenses related to the town providing services such as police coverage & parks, which the county is required to provide.
Other sources of income include interest on the city’s bank accounts (the town’s bank accounts have gone from .05% to 2.66%—which will result in an increase of $65,000/year); Project Open Space grants, rental and amusement income. The City will also receive $800,000 in state income tax sharing.
The General Fund budget anticipates $9,165,631 in expenditures. Recurring expenses include approx $3,800,000 for staff salaries, including police; $444,266 for parks and $625,000 for solid waste and recycling. The police budget, which is also paid out of the general fund, will increase from $2,078,316 to $2,195,512.
Salary and pension increases are driving an increase on the expense side of the ledger, Treasurer Barri Avallone explained. The new budget has allocated a 3% salary increase for all employees, as well as a 3% cost of living increase for all employees. "Mandatory State retirement contributions have increased from 9.82% to 10.21% of employee salaries, resulting in an increase of $14,170 in payments. Police pension payments increased from 36.2% to 36.9%, resulting in an increase of $47,803 in pensions payments," said Avallone.
Debt service on the City’s outstanding loans has decreased, as the City is paying down the principle on the debt faster than planned and police costs will decrease next year, as the City will only be buying 2 police cars as opposed to the four they bought this year.
The budget for Capital Projects is $3,735,004 with the largest cost being the Memorial Park expansion, costing the town $1.4 million.
Avallone said that while the City will see a drop in income from the Parks Department due to a drop in grants from the State, City utilities (the water and sewer departments) are pulling in enough money to cover all their operational costs. "The town only needs to tap into the general fund for these Departments," Avalione said, "to cover capital projects."
The 2024 Water Fund budget is set at $1,241,000 and sewer $1,950,000 totaling $3,192,000. That is an increase of $378,420 from last year.
Former Mayor Bradley Wantz, who oversaw the crafting of the budget, noted that the budget was balanced without the need to raise the property tax rate or the water and sewer rates. "It’s been over 17 years since the town last had to raise the property tax rate, which goes to show how well the staff focus on spending the tax payers’ money wisely."
For more information, residents can view the introduced budgets on the town website.
