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Peterborough Select Board approves $1.2 million use of fund balance to offset 2024 municipal tax rate
Summary
The Peterborough Select Board voted unanimously Nov. 7 to use $1.2 million of the town’s general fund balance to reduce the municipal portion of the 2024 tax rate; staff said that amount would set the town portion at $12.17 and leave about $562,000 for cashflow.
The Peterborough Select Board voted unanimously Nov. 7 to use $1.2 million of the town’s general fund balance to offset the municipal portion of the 2024 property tax rate, town staff said.
Select Board Chair Tyler Ward and two fellow board members — Bill Taylor and Bill Kennedy — approved the motion after staff outlined the effect on the tax rate and other budget changes. Staff member Nicole MacStay told the board, “If $1.2 million was used, the Town portion of the tax rate would be $12.17,” and said roughly $562,000 would remain available for cashflow needs.
The decision matters to taxpayers because it reduces the municipality’s share of the overall rate. Staff and board members noted budget pressures that contributed to the higher rate this year, including the town’s recently added Ambulance Service and an outstanding bond for a Fire Station project that are included in the amount to be raised. Lilli Gilligan told the board the town used $1.414 million of fund balance last year and that the loss of the Transfer Service required removing about $700,000 from revenue this year. She added there were about $500,000 of potential reductions on the capital improvement plan that could help offset costs.
Select Board member Bill Taylor moved to approve the use of $1.2 million of Fund Balance to offset the municipal portion of the 2024 tax rate; Chair Ward seconded and the motion carried with all members voting in favor. The board record shows no nay votes or abstentions.
After that vote the board briefly moved into nonpublic session at 4:08 p.m. under RSA 91-A:3 II(a) for personnel matters; roll-call votes show Chair Ward, Taylor and Kennedy voted to enter and later voted to exit the nonpublic session. The board then voted to seal the minutes of the nonpublic session and adjourned at 4:19 p.m.
Present at the meeting were Select Board Chair Tyler Ward and Select Board members Bill Taylor and Bill Kennedy. Town staff in attendance included Nicole MacStay, Lilli Gilligan and Alison Kreutz, the assistant to the town administrator. The meeting was held at 1 Grove Street in Peterborough.
