TL/DR –
The Bridgeport City Council has started public discussions on the 2024-25 fiscal year budget, which is expected to be around $21 million excluding the $2.1 million Bridgeport Excess Levy fund, according to Bridgeport Finance Director Sharon Hinkle. The budget will include a 1% built-in employee raise and possibly an additional increase, as well as considering a flat raise for new police hires. Also under discussion are the costs of staff health insurance through PEIA, which saw a 14% increase this year and is projected to continue rising; the council aims to balance passing on some of these costs to employees while ensuring they see additional cash in their pockets.
Bridgeport’s Fiscal Year Budget 2024-25 Exceeds $20M: Council Mulls Pay Hikes and Health Insurance
At a special council meeting on Monday, Bridgeport unveiled preliminary plans for its 2024-25 fiscal year budget. The single-item agenda highlighted that special meetings may be held before the Council approves the budget and submits it to Charleston.
Bridgeport’s Finance Director, Sharon Hinkle, reported that the proposed budget hovers around $21 million, excluding the Bridgeport Excess Levy fund of $2.1 million. The initial budget began at $19 million.
Mayor Andly Lang, who is leading his seventh budget planning, acknowledged the slight increase in the budget. He attributed this to city growth and other factors, considering it a positive sign.
The budget covers standard line items, escrowed items, salaries, and other annual revenues and expenses. It will also continue to include a 1 percent built-in employee raise, according to Hinkle. The Council will decide whether to increase this. A starting salary raise for new police hires is also under consideration to attract and retain staff.
The ongoing COVID-19 pandemic and current inflation trends have affected city finances. Lang emphasised that residents will not experience any changes in the services they receive.
Hinkle mentioned that the budget meeting focused largely on proposed pay raises and the rising cost of staff health insurance. This year saw a 14 percent increase with more double-digit hikes expected in the near future.
Employees will bear some of the increase, but a 2-3 percent cost-of-living increase, coupled with the pre-existing 1 percent raise, will offset the added costs. The Council aims to ensure employees receive additional cash, even with increased costs.
Health insurance costs for Bridgeport total $1.687 million in the current budget. The Council stresses the importance of keeping employee cost increases as low as possible. The next council meeting, scheduled for March 11, will likely address employee raises and insurance cost distribution.
The budget is expected to gain final approval by March 25 and must be submitted to the West Virginia State Tax Department by March 31, as per state law.
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