Minutes 04/26/1988 - Laserfiche WebLink

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,56 April 26, 1988 BUDGET IN BRIEF Recommended A~propriat ions F¥87-88 F¥88~89 ~ School Operating Fund 'uS 63,229~,500~ $ 67:~851,319''7.31% General Government Operations 63,119,036 66,774,863 5.79 Other - Net* ~ 59,363,909 57,72~;~27~2.76 Total Budget $185,712,445 *Other Net-consists of: Other Budget Funds Transfer to School Operating Fund Budget Contingency Transfers Between Budgeted Funds $ 66,637,359 27,939,737 (Emergency) 8,970~6~3 <44,183,860> $ 67,038,487 29,948,877 8,000,000 <47,260,037> $ 59,363,989 $ 57,7~7.,3~ Real Estate Assessments The City Assessor has informed me that the total taxable real estate assessments in the City.of Portsmouth will be approximately $2.328 billion as of July 1, 1988. This represents an increase of 8.3% over the~evious year. Re-assessments represent 5.1% and growth~d~e to new construction 3.2%. E~onemic Dewelopment The public Investment in economic degelopment prbjects approved by City Council over the past five years continues to bring substantia'l returns to our City 'in the-form of growth.. A comparison of t~xa'ble building~permits' for the p.ast five year.s. (1983-1987) with the preceding fiv~ years (1.978-1982) revea~ls an 87% increase. Private investment in the City during 1987, including real estate, machinery and personal property totaled almost $145 million. The Urban Enterprise Zone also continued its strong growth with taxable building permits exceeding $~9 million during 1987,' more than doublihg the record established during 1986. A direct result of th~s~investment has been the rapid increase i~ the value of taxable real property which has doubled in value from 10 years ago. Relief for the Elderly a~d ~andicapped For the coming fiscal year, I am recommending a 6.6% increase in the tax exemption benefit for the elderly and disabled. As you know, since 1984 you have increased this benefit by more than 65%! This year's proposal would increase income limits from $15,000 to $16,000 and financial worth from $50,000 to $53,000. The adoption of such an exemption increase will more than offset the average 5.1% real estate assessment increase. If you adopt this ~ecommendation, it will be the fifth conse~cuttve year you ha~e increase~ this exemption which equates to approximately 1 cent on' the real estate tax rate.