There’s a big black hole right in the middle of the city of Portsmouth’s operating funds. The Sewer Fund continues to show a huge deficit from month to month. For the month of June, the Sewer Fund was a million-and-a-half dollars in the red.
According to the report released by City Auditor Trent Williams, the Sewer Fund is at a deficit $1,499,253. That is $1,149,469 deeper than at the same time last year when the deficit stood at $349,784.
The Water Fund is also in the hole to the tune of $349,887, a $719,315 about face from where it stood at the same time last year – $369,428 in the black.
While the General Fund is at $698,659 to the good, it is still down $172,810 from where it was last year – a positive $871,469.
One could say – “the Street Fund is the Street Fund.” The current balance as of the end of June is $300,930, up $276,518 from last year’s same-time balance of $24,412.
The Sanitation Fund is also on the positive side of the ledger at $687,078, up $194,875 from last year’s figure of $492,203.
What may be the fund that stands out like a good sore thumb is the Insurance Fund, which spent years in the hole. The balance is a very comfortable $892,226, which represents a $1,287,992 turn around from a deficit of $395,766 at the same time last year.
In June, the city’s General Fund tax collections totaled $872,735, up $153,919 over the same period last year for an accumulated total of $1,269,160 compared to last year.
If you are wondering how much money the income tax revenue increase you gave the city is bringing in. Here it is. With the additional half-a-percent income tax, in June, the city collected 195,247.
Total income tax collections for June were $992,292. That’s the total tax including both the General and Capital funds, up $146,626 over the same month last year, for an accumulated total compared to last year of $1,333,783.
Reach Frank Lewis at 740-353-3101, ext. 1928, or on Twitter @franklewis.