The Town’s proposed budget is approaching the finish line.  The Commissioners are meeting tomorrow Thursday, June 1^st, at 5:30 pm for a Budget Workshop.  There will be a public hearing on June 15^th, and the budget will likely be approved at the Commissioners’ meeting on June 21^st.  Here are the key points we have gleaned from the Town Manager’s Budget Message:

Revenues:

• New tax rate of 14 cents/$100 is a 16% tax increase over revenue neutral
• New tax rate will result in property tax revenues of $3.3M
• BPART revenue is estimated at $4M
• Paid parking revenue is estimated at $500K
• Other revenues (e.g., fees, permits, fines, etc.) are estimated at $1M

Expenses:

• Total debt service payments are $3.6M
• Pier renovation & repair expenses are estimated at $2.1M
• Block Q Phase 1 expenses are estimated at $300K
• Town salaries increase 11.9% (5% merit and 6.9% COLA)
• One new position will be added 

Key Points:

• Debt service amount of $3.6M exceeds property tax revenue amount of $3.3M
• Expenses exceed revenues by $3.3M (equal to the property tax revenue amount)
• The $3.3M deficit is due to debt service and major capital projects
• The $3.3M in deficit spending is being covered by:
• • Transferring $1M from the General Fund balance
  • Transferring $1M from the BPART Fund balance
  • Transferring $347K from the Beach & Inlet Capital Reserve Fund
  • Water & Sewer borrowing of $1M
• This level of deficit spending is not sustainable 

Click here for a copy of the Budget Message.  Here are the Commissioner emails if you would like to provide them with your input. Mayor Alan Holden, Commissioners Rick Smith, Brian Murdock, Page Dyer, and Gerald Arnold.

Send a copy to the Town Clerk if you would like it included in the meeting packet.