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298
<br />
<br />April 29, 1987
<br />
<br /> At a Public Hearing of the Portsmouth City Council held on
<br />Wednesday, April 29, 1987, a~ 7:00 p.m. in the Council Chamber,
<br />the following were present:
<br />
<br />James W. Holley, III, Jack P. Barnes, E. G. Corprew, Jr.,
<br />J. Robert Gray, L. Louise Lucas, J. Herbert Simpson,
<br />Gloria O. Webb, George L. Hanbury, EI~CliyS~anager~ Steven
<br />Lieberman, City Attorney.
<br />
<br /> Councilman J. Robert Gray opened the meeting with prayer, fol-
<br />lowed by the Pledge of Allegiance to the Flag.
<br />
<br />Mayor Holley welcomed all visitors in attendance.
<br />
<br />87-200 -
<br />
<br />Public Hearing on City Operating Budget, General
<br />Revenue Sharing Budge~, Business License Tax Rates,
<br />and the Levying of Tax Rates:
<br />
<br /> The following letter on.the Budget from the City Manager was
<br />submitted:
<br />
<br /> "In donformance with your wishes to offset the average increas
<br />in the assessed values of residential properties for the 1987-88
<br />fiscal year, I recommend the tax rate be reduced by eight cents. If
<br />you adopt this recommendation, over 62% of our taxpayers will exper~
<br />ence tax reductions! On this basis, the budget has been prepared al
<br />summarized below:
<br />
<br />BUDGET IN BRIEF
<br />
<br />Appropriations FY86-87
<br />
<br />School Operating Fund
<br /> Government Operations
<br /> - Net*
<br />
<br />FY87-88 % Change
<br />
<br />57,926,461 $ 63,229,500 9.15%
<br />58,710,182 63,089,709 7.46
<br />50,315,416 49,507,859 -1.60
<br />
<br />Comparative Budget Totals
<br />
<br />$166,952,059 $175,827,068 5.32%
<br />
<br />Previously Unbudgeted
<br /> School Funds (Net)
<br />
<br />9,885,377
<br />
<br />Total Budget
<br />
<br />$185,712,445
<br />
<br />*Other - Net consists of:
<br />
<br />Other Budget Funds
<br />Transfer to School
<br /> Operating Fund
<br />Budget Contingency (Emergency)
<br />Transfer to CIP
<br />Transfers Between
<br /> Budget Funds
<br />
<br />54,408,036 $ 56,357,115
<br />27~005,202 27,939,737
<br />7,90t,408 9,000,000
<br />1,500,000 -0-
<br />
<br />40,499,23(
<br />
<br />50,315,416
<br />
<br />43,788,993
<br />
<br />49,507,859
<br />
<br /> It should be noted that a reduction from $1.30 to $1.~2in the real estate
<br />tax rate more than offsets all of the average (6.3%) increase due to the reasses
<br />ment program. An example of the reduction for typical Portsmouth homeo~a~er
<br />follows:
<br />
<br />OrigJ_ual Property Assessment
<br />Tax @ $1.30 Rate
<br />Tmxes ~or 1986-87
<br />
<br />$50,000
<br />x 1.30%
<br />
<br />Original Property Assessment
<br />Add: 6.3% Reassessment Increase
<br />New ~ssesament of Property
<br />Tax @ ~.22 Rate
<br />T~xes for 1987-88
<br />
<br />$50,000
<br /> 3,150
<br />
<br />x 1.22%
<br />
<br />
<br />
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