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Friday, June 21, 2024

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Employee Costs Drive Wildwood Tax Rate Increase

Wildwood Logo
Wildwood Logo

By Christopher South

WILDWOOD – Wildwood will spend about $2 million more in 2023 than in the prior year, with a little over half going to employee costs.
The City of Wildwood introduced the 2023 municipal budget March 15, and this year will see revenues and appropriations of $36,894,240 in 2023, an increase from $34,865,638 in 2022. Salaries and wages for the city’s 147 employees will rise by roughly $1 million in 2023 to $15,520,590.
Mayor Pete Byron said employee health care and pensions, along with contractual pay raises, account for the rise in employee-related costs.
The 2023 local purpose tax rate will be $1.5920 per $100 of assessed value, up from 1.5740 in 2022, or a 0.018-cent increase. The increase will amount to a local tax increase of $54 per year on a $300,000 home.
The city’s ratable base grew somewhat to $1.416 billion, putting just another $14,000 in the city coffers. The city will raise $22,536,499 from the local purpose tax.
Wildwood plans to end the year with a surplus of $4,611,219, which is $409.500 less than in the prior year. Nearly $3 million from the surplus will be applied to the 2023 budget, leaving the city with a fund balance of $1,678,699.
The 2023 City of Wildwood municipal budget will be presented to the public at the Board of Commissioners meeting scheduled for April 26 at 5 p.m. A public hearing on the budget will be heard at that time.

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