QUEENSTOWN — Queenstown Town Commissioners officially released a balanced fiscal 2020 budget with operating costs at $632,310 in the general fund during the Wednesday, May 29, meeting.
A tax rate of 0.1744 per $100 of assessed real property value and tax rate of 0.44 per $100 on all commercial or business personal property and public utility was also introduced. The budget ordinance also establishes an enterprise budget for the town’s water and sewer operations.
Expenses include $218,635 in personnel costs; $39,000 in facilities and equipment costs; $177,865 in program and direct operating expenses; $106,950 in general and administrative costs; $31,030 in interests and principal expenses; and $49,830 in depreciation expenses.
In total, the proposed fiscal 2020 represents an increase of $26,327 over the fiscal 2019 town budget.
According to the budget report, general revenue of $503,141 is comprised of real property taxes totaling $306,441. Additional revenue includes personal property taxes bringing in $96,000, interest on delinquent taxes valued at $700, state-shared income taxes at $95,000, and interest income equalling $5,000.
Net program expense of $465,660 cuts into the general revenue leaving the town ahead in unrestricted net assets totaling $37,481.
Fiscal 2020 then accounts for anticipated capital projects which add up to $101,392. Paving at Dudley Avenue and Wall Street costs $41,240. Another $33,762 is slated to be spent paving Old Wharf Lane while crack repairs at Queenstown Harbor will cost $9,800. Finally, a dump truck body will cost $16,590.
The $63,911 shortfall will be accounted for by a transfer of existing cash reserves to bring about a balanced fiscal 2020 budget.
A public hearing on the proposed fiscal 2020 budget will be held Wednesday, June 12, at 6:30 p.m. at the Queenstown Town Office.