The Budget and Finance Committee met Saturday April 7 to review February 2012 and FY12 financial reports and discuss future revenue streams. The FY12 budget year is coming to a strong close due to a resurgent real estate market (Dewey Beach gets a 1.5% transfer tax on real estate sales). As of the end of February, the Town financial statements show total revenue less expenses a mere $60K worse than budget, even after accounting for a net of $402K in unbudgeted expenses related to the Bayard drainage project.
The committee devoted most of the meeting to discussing ways to generate an incremental $450K/year in new, predictable revenue streams to fund critical infrastructure and capital accounts and to replenish the General Fund surplus. This is part of a ten-year plan that is necessary to protect the health, safety and welfare of the Town and its citizens, business owners and visitors. Some of the major revenue proposals included a possible "property tax" or "Town-services fee". These discussion will continue at the next B&F meeting, Saturday May 5, 2012 at 4:00 pm at the Dewey Beach Life Saving Station, at which specific proposals will be discussed and voted on for recommendation to Town Council .
The financial reports, draft minutes of the meeting and meeting recording are posted on-line under the Budget & Finance April 7, 2012 calendar event. To view that page click here.