February 16, 2024 (Chesapeake Beach, MD) - During the February 15, 2024, Town Council meeting, Mayor Patrick "Irish" Mahoney presented the 2023 State of the Town. The theme of the 2023 State of the Town is "Serving the Interest of Town Citizens". "When we prioritize what is best for our residents, we prioritize our businesses and our local economy", stated Mayor Patrick "Irish" Mahoney. To view the full State of the Town Report please click here. To view the State of the Town recap video please click here. Key Highlights from the State of the Town: • General Fund operating expense reduction of $782,612 in FY23. • Utility Fund future expense reduction by $1,978,000 by proactively investing in infrastructure upgrades through the saddle replacement project completed in 2023. • Reduction of property taxes totaling $516,765 during this Administration. • Total assets exceed liabilities at the close of FY23 by $50.8M, with $22,300,000 in unrestricted funds of which $10,200,000 is general fund unassigned. • Total net position increased by $2,900,000 in FY23. • Debt reduction in FY23 of $514,086 with total debt reduction of approximately $7,588,624 during this Administration. • Additional $1,600,000 in capital assets acquired in FY23. • Town’s total investment in capital assets, net of accumulated depreciation, as of June 30, 2023, amounts to $32.4M. • Taxable property valuations in Chesapeake Beach increased by 6.2% in 2023, as assessed by the State of Maryland Department of Assessment and Taxation.
