(Atlantic) Atlantic City Administrator John Lund presented information to the City Council Wednesday evening on the FY 2023 Budget, 10-year Budget Projections and 10-year Capital Improvement plan.
Lund said total revenues for next year is expected to be $14,866,684, an increase of 13.74% from the FY 2022 revised estimate. Total Expenditures are going to be $14,176,127, down 3.53% from the FY 2022 revised estimate. Lund reviewed new structural revenues including property taxes, rental income, ambulance refunds, and campground rental. He also reviewed new structural expenditures including direct labor costs, health insurance costs, payroll taxes and IPERS, Liability Insurance and Ambulance/EMS Service.
Lund also discussed the tax levy….
Lund said on the flip side they got all the data in on last year’s tax levy. He said this is the third year in a row that the tax ranking has dropped. He said they are still high, but not in the top 25% anymore. He said they are now down to 13 out of 44 communities similar to Atlantic.
Another note from the budget meeting, Lund said the sanitary sewer rates will need to be reviewed and increases need to begin July 1, 2023. He said the capital needs of the plan and wastewater department are high and they have not adjusted the utility rates since 2013.
Lund said in all, this has been a stressful budget process since the legislature has created some serious headwinds. However, the city’s financial position is still pretty strong.
