(5/4) At its May 3 meeting, the Thurmont council heard the first draft of the proposed FY-23 budget for all town funds – the general fund, water fund, wastewater fund & electric fund as well as the capital improvement budget.

Its associated preliminary plan, that included all components of the town budget was presented to the Council on May 17 by Chief Financial Officer Linda Joyce and approved. The total town budget for FY-23 is $13,354,901.

Total revenues for the general fund is anticipated to be $4,768,518 with $4,278,662 in expenditures planned. Water fund revenue is expected to be $1,062,150 with expenditures of $838,257, leaving an operating surplus of $223,893.

Wastewater revenue is expected to be $1,764,009, with expenditures of $1,471,239, resulting in a surplus of $292,770. Electric fund revenue is $5,760,224, with expenditures of $5,633,798, for a surplus of $126,426.

The proposed capital improvement budget includes replacement of the town dump truck, pickup truck, and the purchase of an electric vehicle.

Acknowledging a current high inflation period and increase of prices, the council praised Joyce for her very clear distinction on budget items.

"We have a great town, and we provide, I believe, very good services to our residents at a very reasonable cost,"

Kinnard said. Kinnard noted that looking at past budgets, generally Thurmont does not spend what is budgeted. "We budget revenue and expenditures conservatively … We underestimate on our revenues and overestimate on our expenses," Joyce said.

Taxes on real estate are at the tax rate of .3206 cents of $100 per assessed value which is 2.1 cent higher than the current tax rate and three cents higher than the constant yield tax rate.

In order to stay up to speed with inflation rates it was necessary for the town to increase taxes so as to not dip into reserves, she said.