Board approves FY23/24 budget, sets $13 assessment decrease

 
(Feb. 22, 2023) The Ocean Pines Board on Saturday approved the fiscal year 2023/2024 budget, setting the basic annual assessment at $883, a $13 decrease from the prior year and the second straight year with a reduced annual fee. 
 
This comes after several months of public review by the Board of Directors and Budget and Finance Committee, and a public town hall on Feb. 1.
 
General Manager John Viola said headwinds affecting the budget included the higher cost of running public safety operations such as the Fire, EMS, and Police departments, as well as inflation, statutory minimum wage increases, mark-to-market adjustments, labor pool adjustments, and higher insurance premiums.
 
He said the major tailwind that helped to lower the assessment was the improved performance by Ocean Pines amenities and departments. 
 
"Since I've been here, our favorability has come from organic growth," Viola said. "Each year, we've taken the budget and we've budgeted higher for each amenity. So, when you have favorability this year, it's also on a higher base with the revenue than the prior years. That's a big one.
 
Association Treasurer Monica Rakowski introduced the formal motion to approve the budget, setting total operating revenues of $14.4 million, operating expenses of $14.4 million, bulkhead, drainage, and replacement expenses of $1.1 million, and capital expenditures of $1 million. 
 
The motion also set assessment rates as follows:
 

• Non-water: $883
• Non-water estate: $1,325
• Water: $1,498
• Water estate: $2,247
• Water non-bulkhead: $973
• Water non-bulkhead estate: $1,460

 
To view the approved budget, visit /documents/20124/126049/Final%20Budget%20Document%20for%20BoD%20Motion%202-18%20Meeting.pdf/4a639cbd-723e-5294-e11f-2c2c5ce2a192.