News and Announcements


Posted on: February 20, 2023

FY 2024 Proposed Budget

Proposed FY 2024 Budget 


The Town has prepared the proposed budget for fiscal year 2024, which will begin on April 1, 2023, and end March 31, 2024. The Budget and Finance Committee met on January 19 and February 16 to discuss the budget. The Town Council will hold a Public Hearing on the budget on Monday, March 13. The Budget & Finance Committee will meet again on Tuesday, March 14 if needed, and the Town Council is scheduled to vote to approve or modify the proposed budget at the Friday, March 17 Town Council meeting.


The draft budget for FY 2024 includes $12,780,000 in revenue, $10,938,000 in operating costs, $890,000 in capital projects, and $246,000 in debt payments. 


The total revenue budget of $12,780,000 is an increase of $1,273,000, which is 11.1%. Much of the change is from revising our estimates for future revenues without any adjustment to the rates we charge. This includes increasing the budget for Rental Taxes by $275,000, increasing the budget for Interest Income by $467,000 and $2,000 in other lines.


An increase in parking fees is proposed. The hourly rate will increase from $2.50 to $3.00, which is 20%. Daily/weekly parking permits, parking tickets, and shuttle bus permits will also be increased by 20%. The Town expects this to generate an additional $464,000 in revenue. This is needed due to a significant increase in summer season costs over the past few years.


An increase in property taxes is proposed. The property tax rate will increase from $0.19 to $0.196 per $100 of assessed value. This 3% increase is expected to generate an additional $65,000 per year. This is the first property tax increase in four years and will cost most property owners less than $23 more per year.


The total operating expense budget of $10,938,000 is an increase of $1,074,000, which is 10.9%. This includes $538,000 in additional personnel costs, most of this is from adding one new full-time police officer, an increase in number of hours worked by seasonal employees, and the demand for higher wages. Other increases include purchasing seven more pay stations, irrigation of Central and other parks, and higher diesel fuel costs.


The Special Fund budget includes $1,629,195 in grant funds awarded during the past year that will not be fully spent by the end of the current year, so will carry over into the new year. Additionally, $512,000 is budgeted for grants that we hope to be awarded during FY 2024”. These grants provide $2.14 million for capital projects such as Collins Street, routine paving, electric vehicles, electric vehicle charging stations, replacement of police radios, design of a bulkhead at Lake Bethany, two police vehicles, police overtime and other projects. 



Capital purchases and projects included in the FY 2024 budget are:

  • $650,000 in paving, street safety, alleys, parking lots, and lighting.
  • $85,000 to replace a Public Works vehicles and purchase two large mowers.
  • $30,000 to purchase two low speed vehicles (golf carts).
  • $50,000 for as needed repairs and maintenance to our boardwalk.
  • $75,000 for water distribution repair work, as needed.


Debt service payments totaling $246,000 are budgeted to repay the loan on the water tower. At our current rate of repayment this loan will be paid off in December 2025.

FY 2024 Proposed Budget

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