FENWICK ISLAND – The proposed fiscal year 2024 budget will advance to the Fenwick Island Town Council for review and approval with a favorable recommendation from a town committee.
On Monday, the Fenwick Island Budget and Finance Committee voted unanimously to accept the proposed fiscal year 2024 budget and to forward the spending plan to the town council with a favorable recommendation.
Councilman Bill Rymer, town treasure, told committee members this week the document featured minimal changes since it was first presented last month.
“I sent out the updated budget information based on our first draft and discussions,” he said. “The discussions were minor so there was very little change between this draft and the last one.”
Last month, Rymer presented the committee with the town’s draft spending plan. With $2.17 million in projected revenues and $2.71 million in projected expenses, the town initially faced an operating loss of more than $541,000.
In an update Monday, however, Rymer noted that certain revenue projections had increased, and some operating expenses had moved to capital expenditures. As a result, the deficit had narrowed.
“All in, we are now projected at a loss of $496,000 as opposed to $540,000 …,” he said. “Roughly $40,000 or $50,000 has shifted from operating to capital expenditures.”
Rymer told committee members last month town expenses continue to exceed revenues. The typical practice, he said, was to cover the operating loss with realty transfer tax funds.
Rymer this week also highlighted changes to the proposed capital expenditure budget, which totals $1.3 million. He said the list now includes $55,000 for police retention and training equipment.
“That’s inclusive of roughly $5,000 for force-on-force training equipment,” he explained.
Rymer said the town’s projections for cash on hand at the end of fiscal year 2024 have also changed. He said that estimate had increased from $2.8 million to $2.9 million.
“May of 2023 is projected to come in stronger because we received more than $100,000 in building permit fees for the month of May …,” he said. “This has changed purely because this May was stronger.”
Rymer told committee members this week the budget did not propose any property tax increases for the coming fiscal year.
After further discussion, the committee voted unanimously to accept the fiscal year 2024 budget as proposed and to forward the spending plan to the town council for review and approval.
The proposed budget can be viewed on the town’s website.
