HomeMunicipalCity Council adopts FY24 Budget, $5.5MM below Tax Cap

City Council adopts FY24 Budget, $5.5MM below Tax Cap

On Tuesday, June 6th, the Rochester City Council adopted the FY24 budget.

The City Managers original proposed budget, inclusive of City, County, and Schools, was $3,414,376 below the tax cap and represented an estimated $1.85 tax rate increase, however, a contingency of City Councilors expressed interest in making further cuts in order to lower the $1.85 increase.

According to staff, Mayor Paul Callaghan challenged the Finance Department to explore additional ways to lower the tax rate.

In response, the Finance Department suggested adjustments that included $1,328,000 in cuts to City cash CIP projects, $350,000 in cuts to the operating budget, which includes a $250,000 bottom line reduction to the School budget, and increasing non-property tax revenues by $490,000.

The Chief Assessor also updated the 2023 Preliminary Net Assessed Valuation since the City Managers budget was presented, which included an additional $30 million in assessed value and contributed to some of the reduction to the tax rate impact.

The adopted budget is $5,548,945 below the tax cap, with an estimated tax rate increase of $0.82. For a $223,000 home (without changes to other factors such as the property’s assessment), that increase would amount to an approximate total tax bill increase of $180.

First issue property tax bills are scheduled to be mailed on June 13th with a due date of July 13th, 2023.

Latest Posts

The Franklin Gallery to showcase works by several local artists in March

The Franklin Gallery, at RiverStones Custom Framing, 33 N. Main Street in Rochester, will...

Sleep in Heavenly Peace receives $1500 Donation from Rochester, NH Elks #1393

On Saturday, February 17th, 2024, the Rochester Chapter of Sleep in Heavenly Peace (SHP)...

Strong winds knock out power to thousands in New Hampshire

As of 6:00 am, more than 14,000 customers are without power across New Hampshire...

Admiral Property Management & Sales to Host Greater Rochester Chamber of Commerce March Business After Hours

Admiral Property Management & Sales will host the Greater Rochester Chamber of Commerce’s Business...

More like this

Sleep in Heavenly Peace receives $1500 Donation from Rochester, NH Elks #1393

On Saturday, February 17th, 2024, the Rochester Chapter of Sleep in Heavenly Peace (SHP)...

Strong winds knock out power to thousands in New Hampshire

As of 6:00 am, more than 14,000 customers are without power across New Hampshire...

Admiral Property Management & Sales to Host Greater Rochester Chamber of Commerce March Business After Hours

Admiral Property Management & Sales will host the Greater Rochester Chamber of Commerce’s Business...