FY24 Proposed Budget in Brief

BUDGET IN BRIEF

FISCAL YEAR (FY) 2024 –

Our FY 2024 budget was developed in alignment with our strategic and comprehensive plan goals.

MISSION

To provide services and build a better community.

VISION

Colonial Beach is an attractive historical beach town committed to family, business, the arts, and a healthy quality of life.

VALUES

• Integrity

• Inclusivity

• Balance

• Professionalism

• Consistency

• Respect

• Trust

• Open & Responsive Communications

• Financial Responsibility

• Open & Responsive Communications

• Sustainability

• Resiliency

STRATEGIC ACTION PLAN GOAL AREAS

• Economic Development

• Government Performance

• Livability & Placemaking

• Infrastructure

• Public Safety

WHAT IS THE VALUE OF A PENNY?

One penny rate change = the difference of $69,854.38 in the Town’s general fund budget

CURRENT REAL ESTATE TAX RATE

• Town - $0.78 per $100 assessed

• County (Town Resident's Rate)$0.40 per $100 assessed

THE TOWN’S GENERAL FUND KEY TAKEAWAYS

• The Proposed Budget includes a .78 cent flat tax rate based on budget guidance provided by the Town Council at the Annual Strategic Planning Retreat

• As a statutory requirement, the Town Council must adopt a final budget for FY24 and adopt tax rates for Tax Year 2023

• 3% Cost of Living Adjustment (COLA) for town employees

• $15/hour minimum wage will be implemented for town employees as part of our recruitment & retention strategy

• Healthcare Plan Adjustment plan options will be revised to save an estimated $100,000 during this fiscal year

Employee + Spouse

Avg savings from $250/month

Family Plan

Avg savings from $500/month

This fund is compromised of each operational department as well as debt service.

FY 24 GENERAL FUND

Where does the money come from?

FY 24 GENERAL FUND EXPENDITURES

How is the money spent?

All Others (incl. Fleet, Risk Management, Senior Discounts, Transit Ops, Litter Control) –$190,575 / 2.05%

School – $2,560,258 / 27.48%

Other Depts (incl. Parks & Rec, Comm. Development & Econ. Development) – $531,858 / 5.71%

Public Works - $1,854,690 / 19.9%

Police – $1,457,921 / 15.65%

Non-Dept (incl. NGOs, EMS, Debt Service) - $1,329,045 / 14.26%

FY 24 UTILITY FUNDS

How is the money spent? WATER FUND REVENUES $1.32M

WATER FUND

General Services & IT –$251,627 / 2.7%

Finance & Audit Services$316,687 / 3.4%

HR Manager –$156,769 / 1.68%

Legal Services$172,000 / 1.85%

Town Manager$389,739 / 4.18%

Town Clerk$106,706 / 1.15%

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HOW IS $100 SPENT?

BUDGET IN BRIEF

– FY 2024 –

2024 BUDGET IMPACTS

STATE IMPACTS

State Budget Uncertainty

• General Assembly budget delays; General Assembly anticipates a budget decision by June 2023

Upcoming State Mandates

• Rate adjustments for minimum wage requirements

PUBLIC SAFETY

E-911- County

• $18,000 increased from previous fiscal year for dispatch services

Police Dept. Rent Increase

• $9,000 increase from FY23

Fire Dept Increase

• $5,000 increase from FY23

ADDITIONAL INCREASES

Attorney’s Fees

• $66,000 increase for contracted attorney

Building Maintenance

• Additional funding for deferred maintenance on town-owned facilities

• Gas, petroleum, construction materials cost increase, significantly impacting Police and Public Works due to fuel needed for fleet and Public Works goods and materials

FY 2024 –

TOWN OF COLONIAL BEACH POPULATION 2010-2021

PUBLIC SCHOOLS

CBPS Funding- State Required Local Match-$2,560,258 (ADM-562) included in Town’s proposed budget

CAPITAL IMPROVEMENTS

• Central Drainage Area Project – $2.5M (ARPA)

• 1st Street Water line Replacement $70,000

FY 24 HIGHLIGHTED ACCOMPLISHMENTS

3% cost of living adjustment for town employees

$15/hour minimum wage implementation $100,000 in estimated health plan savings

$32,000 increase budget for public safety

$30,000 one-time funding for key strategic action plan initiatives