FENWICK ISLAND – Town officials in Fenwick Island last week approved a $2 million-plus balanced budget for FY2018.
In a meeting of the Fenwick Island Town Council last Friday, Town Manager Terry Tieman introduced a resolution to approve the operating and capital improvement budget for the upcoming fiscal year.
This year’s operating budget stands at $2,040,702. A bulk of cash receipts funding the budget will come from taxes and charges for service and a lion’s share of expenses will go toward the police department and town administration.
The capital expense budget for the upcoming fiscal year includes $191,795. A bulk of the revenue will come from realty transfer tax and will fund several expenditure items including a new vehicle for the police department and a new software system for town administration.
Councilwoman Vicki Carmean asked if the council would review the budget if numbers were to change.
“I take it that any time we find that income does not match what we expected, we will be reviewing this?” she asked.
Mayor Gene Langan explained that the budget can be changed accordingly.
“We can make amendments to the budget throughout the year,” he replied.
The council voted 7-0 to approve the FY2018 budget.
The council last week also received a promising treasurer’s report from Councilman Gardner Bunting.
“I firmly believe we are going to end this year with a small surplus,” he told the council. “It may not be a lot, but I can’t see how we are going to use it all.”
According to Bunting, revenue received from realty transfer tax in FY2017 has exceeded last year’s total by $119,994. More than $30,000 deposited into the fund in recent weeks brings total revenue to $227,814.
Bunting also said the town was also expecting additional realty transfer taxes before FY2017 comes to a close.
“Before the end of the year, I should foresee that number to go up significantly,” he said. “I believe we are well within our numbers. We may be over in a couple of items, but we are well under in a number of others.”
He added the fiscal surplus gives the town a promising outlook for the next fiscal year.
“This coming year we are going to be in a good position,” he said.
