The Seabrook Finance Report-Through 2020

Each year the Office of the Town Manager provides the Board of Selectmen with a look at key financial data through this report, as well as a capital spending report and reports on the water and sewer departments.

The report contains some key data for Seabrook, as well as attempting to explain how the property tax system works. Some of that key data:
1. The new independent audit will show an unexpended fund balance of $8.1 million. This number comes despite the fact that $1.8 million has been draw from fund balance to finance capital projects over the measured period. Additionally $6.3 million has been drawn from the fund to subsidize the tax rate. Without the fund withdrawals that number would stand at $16 million.
2. The overall tax levy, from 2014 to 2020, increased at an average of 1.5%. In 2019 the tax levy decreased from 2018, and the tax levy in 2020 was less than the levy in 2018.
3. The “NextEra Shift” continues to impact residential taxpayers, as the overall percentage of the levy contributed by NextEra has declined from 2014 to 2020. (42% in 2014 to 29.5% in 2020.)
4. Commercial, in 2020, paid 52% of the total levy.

This report is submitted in advance of the budget deliberations, and hopefully assists the Board of Selectmen and the Budget Committee as they formulate the policies that will shape the FY 2022 budget.

This entry was posted in Uncategorized and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s