We have a ‘Fund Balance Nightmare’ says Ventnor Mayor Beth Holtzman.
Leon Costello was the bearer of bad news last night inside the Chambers of Ventnor City Hall. The CPA provided data/financials & preliminary analysis that may be used to develop the next Ventnor Municipal Budget.
Some discussion we heard….
At the March 16 public hearing.. we will see the proposed Ventnor municipal budget. Any changes will need to be made then.
> In the past, Ventnor ‘raided’ the fund balance.
> 2006 was the last reval. Tax appeals have crushed the Ventnor budget. We hope for minimal appeals after new reval
> New tax ‘rate’ is gonna be a dollar ‘something’. When ratables go down… the rate goes up.
> Some wild swings (assessments) should be expected.
> April 9 is final budget vote.
> Currently, there are 5 open CITY contracts.