PORTSMOUTH — The city of Portsmouth continues to climb out of its fiscal doldrums; doldrums that caused the city to be placed in “fiscal watch” status by the Auditor of State’s Office.
Now, since Portsmouth hired current City Manager Derek K. Allen, who has made it his mission to bring down the city’s shortfall, the budget is improving and income tax revenues continue to rise.
Portsmouth City Auditor Trent Williams said the total for the General Fund income tax collections for the month of February was $980,535, up $288,877 over the same month last year and up $318,024 for the year compared to last year.
“In February the city collected $1,126,618 in total income tax revenue, which is up $312,899 from the same month last year and up $346,636 for the year compared to last year,” Williams said.
Nearly all city funds are in the black, with the exception being the Sewer Fund, which shows a deficit of $1,044,623.
“That should see a change with rates going up,” Allen said.
The balance in the General Fund is $444,302; The Street Construction Maintenance and Repair (SCMR) Fund showed a balance of $48,434; the Water Fund waqs at $289,030 and the Sanitation Fund showed a balance of $599,713.
The Insurance Fund showed a deficit balance of $72,845, but that was because the first quarter expense allocationas had not been made prior to the end of February. Those expense allocations have been made in March and the Insurance Fund 705 now has an actual balance of just over $1 million.
Reach Frank Lewis at 740-353-3101, ext. 1928, or on Twitter @franklewis.