The Wicomico County Council approved the county’s fiscal 2015 operating budget on June 3. The $128.7 million budget was adopted with few changes to the budget proposed by County Executive Pollitt in April 2014.
As indicated in the county’s press release:
The adopted budget meets the Maintenance of Effort standard for public school funding and provides new funds for technology needs in the K-12 school system. Furthermore, it provides for the completion of the Bennett Middle School project and commits funds for the planning of renovations to West Salisbury Elementary School, in addition to increased support for Wor-Wic Community College and the Wicomico Library.
In addition, the FY15 operational budget provides significant funding for business development efforts through a $544,558 boost to create an economic development grant fund to spur entrepreneurship and new residential construction.
Although the property tax rate increases by approximately 4 cents, the county is continuing to reduce its personal property tax rate to incentivize business.
The new real property tax rate as of July 1, 2014 is $.9516 per $100 of assessed value; the new Personal Property Tax Rate is $2.1715 – nearly $.21 cents less than businesses would have paid without the passage of Property Tax Decoupling legislation spearheaded by Pollitt during the 2013 legislative session in the General Assembly.