22 Aug 2014
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Proposed 2015 Budget Now Online

Budget calls for a 2.40 percent tax increase over the prior levy.

The complete fiscal 2015 proposed budget is now online on the Town of Portsmouth's Web site.

Here are the highlights:
  • Taxes increase of 2.4 percent based on levy.
  • Budget calls for total expenditures of $57,828,283 an increase of 2.2% from fiscal year 2014. 
  • Local Appropriation to School is $30,848,093; this is an increase of 1.98%
  • Two (2) positions in public works that were eliminated in prior years were planned to be restored but cost associated with results of police arbitration have reversed this.
  • A position added mid year in fiscal year 2014 (clerk in collector/assessor office)is reflected in this budget.
  • Total wages increase 1.35%. Base wages increase 3.95% and overtime budget decreased 19.38% 
  • Benefits (payroll taxes, healthcare and pension) increase 31.73% with the bulk coming from pensions which increase 52.68%.
  • 52.68% increase in pension cost result of Police Pension increase of 131.82%
  • Collection rate change to reflect historic results from 96.85% to 97.00%
  • Income from Fees and Licenses budget increase 2.65%
  • Additional funding in budget for legal as this line item is consistently over budget.
  • Additional funding to address Town IT infrastructure
  • $1,000,000 for road improvements
  • $245,118 for Fund Balance towards Town’s goal of a Fund Balance of 16%
  • $275,000 as a transfer to the Turbine Fund to meet annual obligations
Click through the budget here, or click "download pdf" next to the image of it attached to this article.

We'll be posting more details about the budget in the coming days.

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