(6/21) The Thurmont Commissioners voted to adopt the Town Budget for Fiscal Year 2024, starting July 1, on May 30.
Chief Financial Officer Linda Joyce presented the draft on May 2 for review by the Town Council before being formally introduced on May 16.
Revenue within the general fund budget is increasing to $5,016,075, an increase of about a quarter of a million dollars. Taxes account for $2,151,876 of the revenue, the majority of which is from real estate taxes.
The town is expected to revenue $2,006,376 in the 2024 Fiscal Year by keeping the current tax rate of 0.3206. While this is keeping the same tax rate as last year, the constant yield tax rate will be 0.3113 next year. With keeping the tax rate, the Town will yield $58,125 in expected revenue after expenses, which the commissioners debated throughout the meetings.
The commissioners also discussed the raising prices because of inflation in addition to the rise in Frederick County taxes and its impact on residents’ budgets. "It’ll be nice for us to go down a little bit," Commissioner Bill Blakeslee said, referring to potentially lowering the tax rate to the new constant yield rate.
However, it was decided that the tax rate will remain 0.3206 in the 2024 Fiscal Year Budget.
Thurmont also expects to receive $2,525,379 in revenue from state and governmental sources such as income tax, the recycling program, etc. The FY24 Budget allots for $42,000 in miscellaneous grant revenue and $296,820 in other local revenue, which includes various rents, fees, permits, fines, etc.
Recurring expenses in the general fund include $1,863,051 for staff salaries in all areas covered in addition to $94,447 in general expenses. The general fund also includes for the upcoming fiscal year: $359,171 for parks; $132,310 for planning & zoning; $176,300 for economic development; $1,605,200 and $767,400 for streets.
The budget increased $246,970 for public safety over last year, in addition to the capital budget fund expenses: $20,000 for 10 desktop replacements and $15,495 for state-mandated body worn cameras, to be added to previous capital savings of $30,000. The capital budget also includes $12,000 for an attachment for the skid loader and $412,318 for highway user restricted funds for the streets department; and $13,180 for Community Park Tennis Courts Engineering and Design and $62,950 for a remote control mower for the parks department.
The 2024 Water Fund Budget expects $1,060,300 in revenue, a decrease from last year by about $2,000. The Town expects expenses to reach $875,500, leaving $184,800 in operating revenue. Of these expenses, $299,950 is allotted for salaries and $60,000 for health insurance. Revenue includes fees for service, charges for building, contract work, etc.
Water Fund Capital includes a new wireless radio control system to replace the aging system in place, engineering and design for water main replacements in town, new meters, etc. Total expenses for the water capital fund are expected to be $184,800, covered by the expected revenue from the water fund.
The wastewater fund budget is expected to yield $1,752,800 in revenue in FY24. Fees for services make up the majority of the wastewater revenue at $1,660,000. Other sources of revenue include state grants, ineptest, late fees, etc.
The Town allotted for $1,548,029 in expenses within the wastewater fund. The budget includes $384,950 for salaries, $31,796 for payroll taxes; $316,200 for general operating expenses; $105,000 for material and supplies; $73,400 for administrative expenses; etc. It also includes $168,200 for employee benefits, which breaks down to $95,000 for health insurance, $60,000 for retirement funds and $13,200 for worker’s comp insurance.
The wastewater fund budget is expected to have an excess of $204,771 after expenditures. The excess will be used within the fund capital for: Well 7 pump station and well, shared with water fund; $30,225 for replacing existing electric box; $59,001 for replacing roofs; $11,540 for Well 7 pump station controller and $24,005 for crane rental and welding for secondary clarifiers.
