CEDAR POINT — Cedar Point commissioners voted 5-0 Tuesday night to adopt a $1.4 million 2023-24 budget that retains the 2022-23 property tax rate of 14.75 cents per $100 of assessed value.
The panel acted after a public hearing during its monthly meeting in the town hall off Sherwood Avenue.
During the public hearing, only one person spoke, and his comments only indirectly referred to the budget and did not express opposition or support.
Town Manager David Rief, who worked with the commissioners to develop the budget during work sessions, said there only slight differences between the budget presented to the board Tuesday night and the original version he officially presented earlier this month during a board work session.
Although the board could have additional changes Tuesday night, Mayor Scott Hatsell said he didn’t believe any changes were necessary.
“We’ve beat this thing to death,” he said, and the rest of the board agreed.
Commissioner Pam Castellano made the motion to approve the tax-and-spending plan for the fiscal year, which begins July 1.
The budget totals about $173,000 lower than the initial 2022-23 budget and does not include any fee increases.
The average property value in Cedar Point is $284,575. The owner of that “average” property will owe the town $427.12 in taxes for 2023-24.
In his formal budget message, Rief said, “The fiscal year 2023-2024 … budget seeks to ensure the town continues its solid financial position while maintaining a high standard of town services and programs.”
In addition to the traditional revenues of the town, the proposed budget includes a plan to take the remaining unappropriated American Rescue Plan Act funds, about $183,000, for replacement of town vehicles and equipment.
“While some of the capital expenditures could be deferred to later years, the current economic condition suggests that further economic turbulence is ahead, and past experience with purchasing the town’s debris truck cautions against delaying such larger purchases longer than necessary,” Rief added in his message.
The major source of revenue, as always, is the property tax, which is expected to generate about $620,000, or 44.21% of the total expected revenues for the fiscal year. That’s a slight increase over the 2022-23 fiscal year, which ends June 30.
The town expects to receive about $46,000 in state Powell Bill (gas tax) revenue. That money must be used on street and street-related projects, such as sidewalks.
No use of the fund balance is anticipated in 2023-24, this coming fiscal year.
As for the future, Rief said the town should anticipate less new growth and more redevelopment, in both residential and commercial properties, over the next five years. The town’s policy is to maintain a fund balance for use in emergencies, such as storm cleanup equal to 45 percent of the budget. Rief said his recommended budget will meet that policy.
Contact Brad Rich at 252-864-1532; email brad@thenewstimes.com; or follow on Twitter @brichccnt.
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