The City Treasurer is appointed by Mayor & Council and serves a two year term. The City Treasurer is custodian of all city funds, is responsible for monitoring the financial condition of the City, and keeps records of all monies received and paid out by the City. The Treasurer produces written reports for the monthly Mayor & Council meetings.
Each year, Mayor & Council adopts annual Operating and Capital Budgets for the upcoming fiscal year. In May, the City Manager must propose a revenue and spending plan which Mayor & Council may modify prior to final adoption by Resolution, typically in June. The City’s fiscal and tax year runs from July 1 to June 30. The current tax rate is $1.19 per $100 of assessed value.
At the end of each fiscal year, the City undergoes an independent audit by a certified public accounting firm. The auditor reviews all financial transactions and the City’s accounting and administrative procedures. The annual audit report is presented to Mayor & Council for approval and describes the city’s financial condition.
Delaware City offers a tax exemption and water fee discount for qualified senior citizens and disabled persons. The exemption reduces the property’s taxable assessment by $40,000 and provides a 40% discount on water fees and charges. Under Chapter 3, Article I of the Delaware City Code, application must be made each year. Individual income may not exceed $20,000 (excluding Social Security or disability income) and household income may not exceed $25,000. Applications are available at Town Hall beginning in January of each year and are due in mid April.