OCEAN PINES – With a proposed budget for the coming fiscal year, association officials are now set to review the spending plan in upcoming meetings.
As part of the annual budget process, the Ocean Pines Association Budget and Finance Committee will hold a review of the community’s proposed spending plan for fiscal year 2022-2023 during a series of public meetings set for Jan. 4-6.
“Following that, the Board of Directors will review the document during public meetings on Jan. 19-20,” an association news release reads. “The Board will hold a final hearing and vote to adopt the finalized budget in February.”
The proposed fiscal year 2022-2023 budget includes total revenues of $16,833,944 and expenditures of the same. Bulkhead repairs for the coming year total $1,169,921, while capital expenditures total $1,680,515.
The association’s spending plan also proposes an annual assessment of $995 for non-water lots and $1,610 for waterfront lots, representing a $1 reduction from fiscal year 2021-2022.
General Manager John Viola announced the beginning of the budget process late last month. He noted, however, that the association expected to encounter some financial challenges.
“There are headwinds this year …,” he said at a November board meeting. “Inflation is certainly on the rise and that will affect the budget.”
Viola added that the association must also account for statutory increases in minimum wage this year.
“We will break that out for everybody and what that effect is on our financials …,” he said. “There will also be a separate category for above minimum wage. As we’ve seen this year, between COVID and everything else, minimum wage maybe is not cutting it for us to hire people or even keep people.”
The proposed budget documents, which include financials for the current fiscal year, can be viewed online through the association’s website, oceanpines.org.
