The key takeaways according to Mayor Bradley Wantz is 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."

Wantz also commended the City’s Treasurer, Barri Avallone for her efforts at cleaning up the budget. "The budget is getting cleaner and cleaner every year, and the way it’s presented is good." He said.

On the revenue side of the house, the property tax rate will remain at .37 cents per $100 of assessed value, which translates into $3,110,000, $182,568 more then last year. The City will also receive $800,000 in state income tax sharing.

Another key driver of revenue for the City will be interest income from City funds in local banks. Interest on the town’s bank accounts have gone from .05% to 2.66% - which will result in an increase of $65,000/year.

The City will also see an increase in income from the State stemming from increase Highway User Fee payments to the City as well as an increase of $62,000 from County revenue sharing (currently projected to be $626,364) and $50,000 from increase water and sewer payments resulting from new homes built over the last year.

Avallone said, that while the city will see a drop in income from the parks department due to a drop is grants form 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, "is to cover capital projects."

Salary and pension increase are driving increase o the expense side of the ledger, Avoilona said. 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 increase form 9.82% to 10.21% of employee salaries, resulting in a increase of $14,170 in payments. Police pension payments increased form 36.2% to 36.9%, resulting in a increase in $47,803 in pensions payments." Said Avoilona.

The City’s employees’ health insurance payments is projected to increase by at least 3.5% over last year, but Avoilona told the Council that she was still awaiting the final numbers. Currently the City pays $305,500 for employee health insurance.

Debt service on the City’s outstanding loans has decreased as the city is paying down the principle on the debt faster then planned and police costs will decrease next year as the city will only be buying 2 police cars as apposed to the four they bought this year. The largest capital outlay in the upcoming budget is the Memorial Park expansion, which will cost the town $1.4 million.

All together, the staff projected that the City’s balanced budget for FY 23-24 to be $9,205,631 and the water and sewer balanced budget to be $6,153,213.

The proposed budget will be the subject of a public workshop on April 5th. Following input for the public, the budget will be revised as necessary and approved at the Council’s April 10th meeting.