City Of Portsmouth: City Manager Presents FY23 Proposed Budget To City Council

Press release from the City of Portsmouth:

The overall FY23 Proposed Budget is $133,208,876, a net increase of $6,783,843 or 5.37%, which is notably below the rate of inflation. Recognizing the City’s current financial situation and advancing cautiously when it comes to evaluating expenditures, the Proposed Budget as presented will result in an estimated tax rate of $15.71, an increase of 68¢ or 4.51% over FY22. The estimated tax rate would result in an annual increase of $324, or $27 per month, for the median single-family residential home valued at $478,050. The final tax rate is set by the New Hampshire Department of Revenue Administration (DRA) in the Fall, once all state revenues, property valuation, and county tax obligation are finalized. The City typically announces the final tax rate for the Fiscal Year in November and issues tax bills for the first half of the Fiscal Year in December.

• Community Campus: $360,788 for operation and maintenance of the newly acquired 72,000 square foot facility
• Economic Development: $185,145 formerly funded by Federal Urban Development Action Grant (UDAG)
• Portsmouth NH 400: $200,000 to support staffing and programming needs for the City’s 400th Anniversary celebration in 2023
• McIntyre Settlement: Increase of $500,000 to support efforts to acquire the former McIntyre Federal Building and 2.1-acre parcel in downtown Portsmouth
• Information Technology: Increase of $458,116 to create an in-house IT Department
• Personnel Staffing –27.41 additional FTEs: School Department (10.41); Police Department (3); General Government (9); Special Revenue Funds (1.6) and Enterprise Funds (3)

This press release was produced by the City of Portsmouth. The views expressed here are the author’s own.