Nashua mayor: Use $4.3 million to reduce tax rate
About $1.5 million of the escrow requests have already been approved, although the mayor presented nearly $1 million in new escrow requests to the aldermanic Budget Review Committee on Tuesday.
About 24 new escrow requests were reviewed by the committee, including numerous funds for upgrades to the Solid Waste Gas Collection System. Other escrow requests include $9,000 to purchase new electronic tablets for the Board of Aldermen, $80,000 to complete a portion of the Nashua Riverwalk from Cotton Mill Square to Main Street, $15,000 to clean up the Nashua River and $225,000 to replenish the snow trust fund.
In the memo, Lozeau outlined the balance in the city’s unassigned fund account as $32,280,691 effective June 30. Lozeau anticipates using $4.3 million of the undesignated funds to offset the tax rate, meaning the newly adjusted balance of the unassigned fund account — if approved by city officials — will be nearly $28 million.
“The upcoming tax year will be a revaluation year,” wrote Lozeau. “Accordingly, the revaluation will impact the actual tax rate as well as each taxpayer’s annual bill. The results of the revaluation will become known in the late September/early October time frame.”
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