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Portsmouth commission adopts FY2025 budget, approves minutes
Summary
The Portsmouth commission approved the previous meeting minutes and adopted the FY2025 budget by a 6–0 roll call vote. Staff presented audited third-quarter FY2024 financials showing roughly $2.1 million in assets and a net position decrease of about $43,000 year over year.
The Portsmouth Commission approved the minutes from its prior meeting and unanimously adopted the fiscal year 2025 budget during its March 26 meeting.
Finance staff (identified in the transcript as "Miss fisha") presented audited financial statements for the quarter ending March 31, 2024. The balance sheet reported approximately $2.1 million in total assets and a net position about $43,000 lower than the prior year. Staff said interest income—recorded at roughly $14,800 so far—constitutes the commission’s primary revenue, while expenses include roughly $50,000 in grants and various contractual services.
Commissioners were given a printed copy of the FY2025 budget projections, which staff said reflect updated assumptions beginning July 1. Treasurer/Main noted the proposed budget is largely in line with the current year with minor adjustments. A motion to adopt the FY2025 budget as written was moved, seconded and approved on a roll call vote recorded in the transcript as 6–0 (Mr Baron yes; Mr Foster yes; Mr Hansen yes; M mcain yes; Mr Rice yes; Mr Peterman yes).
Staff said the audited financial report did not require formal action. The commission did not record any formal dissent. The commission’s next procedural steps were not specified in the transcript.
