Just recently, we learned that seven months into Fiscal Year (FY) 21, the Mayor & City Council (M&CC) of the Town of Ocean City are sitting with $10,153,634 in General Fund Balance Reserves over and above their stated policy of a 15 percent Reserve Fund.
That excess reserve amount is the equivalent to 11 cents on the current property tax rate.
Here we are in the second fiscal year since the pandemic began, and the town still has a substantial excess reserve fund. This continues to be the trend year after year.
Realistically, no one expects the M&CC to reduce the upcoming tax rate by 11 cents, or even five or six cents, but they should consider a modest two-cent reduction in the tax rate, to give some of the excess taxes back to our property owners.
I hope that the M&CC will give this serious consideration as they approach discussions for the FY22 budget.
Vincent dePaul Gisriel Jr.