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Seabrook staff reports budget shortfalls; council records no-new-revenue and voter-approval rates and schedules tax-rate hearing
Summary
City finance staff reported August revenue collections slightly below budget; council accepted state-calculated no-new-revenue and voter-approval rates into the record and approved a proposed 2025 property tax rate with a public hearing set for Sept. 25.
Seabrook city finance staff presented the August 2025 financial report on Sept. 16 and the City Council accepted required tax-rate calculations and set a public hearing on a proposed 2025 rate.
Mike, city finance staff, told the council that general fund collections through August were "just over $15,000,000" and that collections trailed the adopted budget by roughly $800,840. He said expenditures were under budget and projected fund balances remained healthy.
Council action and why it matters Council accepted the statutory computations used to produce the no-new-revenue rate (0.428233) and the voter-approval rate (0.49577) and later approved a proposed city property tax rate of 0.464152 and called a public hearing for Sept. 25, 2025. Under state law, the no-new-revenue worksheet and the voter-approval rate must be placed in the official record before a final tax rate is adopted; the council…
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