The Dewey Beach Commissioners have approved a budget for the 2023 fiscal year.
Dewey’s latest overall spending package is $4.4 million.
“Our year to date ends in March (March 31)," said Mayor Bill Stevens. "And we increased budgeted revenue from $3.7 million to roughly $4.3 million. A lot of that had to do with an estimated $500,000 increase in hotel and accommodation tax, as well as about $110,000 in building permits and $150,000 in parking fees.”
Mayor says Dewey experienced the best financial year it has ever seen, "As of the end of February - which is eleven twelfths of our fiscal year, we had a total revenue of $5.6 million compared to a $3.5 million budget. So from a revenue perspective, we’re $2.1 million ahead of budget and from an operating expense - we were dead on in terms of what we spent year over year.”
Stevens notes that the $2.1 million went right into the resort's cash account.
Stevens also cited projected revenues of $719,800 and expenses at $606,942.
He says another big part of the new budget was increasing staff salaries for full-time workers.
Stevens said a salary analysis showed Dewey salaries at 86% of full time staff in neighboring resorts. He and the Commissioners voted unanimously to bump up the pay to 95%.
The new budget takes effect April 1, 2022.
