PORTSMOUTH, R.I. — Town Administrator Richard A. Rainer recently released the FY2020-21 proposed budget. Despite a 2.85 percent increase in expenditures, the proposed budget includes a 8.53 percent property tax decrease.
“I hereby present for your review and consideration the Town Administrator’s Proposed Municipal Budget for the 2020-2021 fiscal year in accordance with Article III, Section 304, of our Town Charter,” writes Town Administrator Richard A. Rainer to the Town Council.
“…Based on revenue projections and recommended revisions to expenses, I propose expenditures of $66,726,409 from the General Fund, which is a 2.85% increase over last year. The current annual inflation for the 12 months ending February 2020 is 2.33% (CPI-U).
“The difference between the budget increase and the inflation rate is largely attributed to lost revenue. The proposal will entail a property tax rate of $15.004 / $1000 compared to the current rate of $16.404. The $1.40 decrease represents a change of -8.53% in the tax rate and can be attributed to fiscally responsible budget policies and practices, the tax office’s continued efforts to maintain high collection rates, and an increase in the grand list (the compilation, by value, of all taxable and tax-exempt property within Portsmouth).”
Rainer also addressed the Coronavirus in his letter to the Town Council.
“We are amid the COVID-19 pandemic as I write this. I don’t know what the future holds but there can be no doubt this crisis will have deep and lasting social and economic impact on our nation, state, and community,” writes the town administrator. “Our Town is strong and in good shape – we will weather this storm.”
You can view the entire Town Administrator Proposed Budget for Fiscal Year 2020-21 here:FY21 TA Proposed Budget