Income tax collections in the city of Portsmouth continue to rise into the new year. General Fund income tax collections for January were $896,297 – $29,147 above the same period last year.
“In total we collected 1,053,915 which is above last year by $33,737,” Portsmouth City Auditor Trent Williams said. “The General Fund is at $549,466. Streets is at $33,679, Water is at $294,251. Sewer is at $809,485 negative balance. Sanitation is at $517,263 and the Insurance Fund is at a negative $123,529 prior to the budget adjustments.”
Income tax collections were down for December, compared to December 2014, but not by as much as Williams had anticipated.
In September, Williams said it looked as if the collections could be down by as much as $200,000. They were down $38,927 and ended the year up $112,983 above last year in the General Fund.
Total tax collections were down $45,904, but $131,797 over last year. Both sets of numbers were better than forecast in September Williams said.
“We actually ended up with $10,280,299 which is $131,797 over last year for an increase of 1.3 percent,” Williams said. “Only three years since the inception of the city’s income tax has it not been higher in the year than it’s previous year.”
All city funds ended up in the positive except for the Sewer Fund, which showed a deficit of $965,198. That should change when the new rates take effect in April of this year. The current base chage which includes the first 1,000 gallons, is $7.01, and in April that will increase to $11. Every 1,000 after the first 1,000 is currently $3.78 and will raise to $5.
The General Fund ended 2015 at $445,626 in the black. The Streets Fund ended at $0, Water Fund 604 at $211,583, The Sanitation Fund ended at $545,151, and the Insurance Fund, after the final payment of the year, at $527,505.
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