(Atlantic) The Atlantic City Council approved the FY/2025 Budget at Wednesday’s meeting.
Atlantic City Administrator John Lund says revenues have grown 49.05 percent, and expenditures are up 27.83 percent. The State-Defined General Fund is up slightly at .68 percent, with total cash increasing by 24.22 percent but declining by -6.95 percent from the fiscal year 2024 revised estimate.
Lund says, in summary, the following are key components as follows: The City’s combined property tax levy will increase from $16.52 to $17.25 to cover the new debt issuance, correcting significant increases in the cost of our property and liability insurance over the past two years, and to address the ongoing shortfall in the Employee Benefits Fund. The budget accomplishes the Mayor and Council’s key priorities by funding community beautification, housing, economic development, and code enforcement support. A four percent increase in compensation to all City employees, regardless of union status, full-time, part-time, or seasonal status. The City’s Comprehensive Financial Policy continues to be the basis of the City’s budgeting practices.
New Structural Revenues – $896,562
• Property Taxes – $331,739
• Cost Allocation (Transfers In) – $54,291
New Structural Revenues – $896,562
• Property Taxes – $331,739
• Cost Allocation (Transfers In) – $54,291
• Ambulance Refunds – $241,155
• Contributions to the Library – $9,405
• Natural Gas Utility Franchise Fees – $222,000
• Sewer Utility Fees – $30,912
• Employee Contributions to Health Insurance – $7,060
New Structural Revenue Losses – ($44,294)
• Business Property Tax Credit Replacement Backfill – $33,975
• Commercial/Industrial Backfill – $10,319
New Structural Expenditures – ($771,703)
• Direct Labor Costs – $292,134
• Health Insurance Costs – $71,552
• Liability Insurance – $37,834
• Legal Fees – $5,000
• Ambulance/EMS Service – $365,183
Lund says the financial story of Atlantic, which our credit risk assessor, S&P Global, will look at next year as we move to the open market for our first round of street improvements occurring in the fiscal year 2026, is one of reasonable and healthy liquidity growth. The final budget must be certified by the County Auditor and submitted to the State by April 30, 2024.
