Portsmouth EDA transfers $193,788 to cover FY26 overages and adopts FY27 budget

The Portsmouth Economic Development Authority voted unanimously on May 19 to amend its FY26 operating budget and to adopt the FY27 operating budget.

Staff presented a FY26 amendment after identifying overages in three line items — contractual other services, insurance, and capital improvements — that together total just under $180,000 in year-to-date encumbrances and expenses. "We're proposing to transfer a $193,788.85 to cover those costs," said Brian, the staff presenter. He said the transfer would come from the economic development grant line, which had $742,375 available, and includes a small cushion for remaining year‑end costs.

The board moved and seconded the amendment and approved it by roll call, 6-0. Brian said the larger capital encumbrance reflects ongoing property acquisition and improvement work and clarified that not all encumbered amounts have been spent; the year-to-date actuals were lower.

The authority then considered the FY27 operating budget. Staff noted an adjustment in projected insurance expenses for the upcoming fiscal year. After a brief discussion about fiscal discipline and future budget direction, the board approved the FY27 EDA operating budget by roll call, 6-0.

Why it matters: the bookkeeping transfer ensures the EDA can close FY26 without additional mid‑year budget requests, and adopting the FY27 operating budget sets staff spending and priorities — including economic development and property work — for the next fiscal year.

What’s next: staff said they will proceed with year-end closeout and monitor remaining encumbrances; the board flagged broader budget priorities for future discussion.

Votes at a glance - FY26 budget amendment: approved 6-0. - FY27 EDA operating budget: approved 6-0.