Jeanie Forrester: Meredith Selectboard approves spending $21 million for town operating expenses next year

On Feb. 10, the Meredith Selectboard held a public hearing on their proposed 2025 budget. Some adjustments were made that decreased the operating budget slightly and increased spending for Capital Improvements Program Expendable Trust Funds. The final operating budget is $21 million (representing an increase of $943,104 (or 4.7%) from the 2024 budget. This is the amount to be raised by taxes. The total budget, including CIP, is $22.15 million, with $1.11 million funded from 2024 unexpended funds.

The board confirmed with staff their intent to level fund all outside agencies in the 2025 budget. These agencies will receive the same amount in 2025 that they received in 2024. After those corrections were made, the total expense for outside agencies is $238,630.

The Department of Public Works director requested the selectboard add $126,000 from 2024 unexpended funds to the DPW Equipment ETF, allowing the town to contract for the lease or purchase of an excavator. The DPW director noted that the current excavator is in poor condition and has hindered his ability to get much-needed work completed for the town. The selectboard agreed to this addition of $126,000 to the DPW Equipment ETF, leaving a balance of $50,142 in 2024 unexpended funds. The unexpended fund balance from the 2024 budget was approximately $1.16 million.

The remaining unexpended funds ($50,142) will be added to the unassigned fund balance bringing that total to $5.46 million. The unassigned fund balance (the town’s operating cash account) is a financial tool that is used to bridge cash flow, avoid interest costs from short-term borrowing, preserve credit ratings, and provide a buffer against revenue shortfalls or expenditure overruns.

Highlights of the 2025 budget include:

• 6 full-time fire fighters with 1 part-time administrator for a full year of funding
• 2 new part-time positions (highway and parks & recreation)
• 9.8% increase in health insurance premiums and a 5% increase in dental insurance
• Cost of living increase for all employees of 3% (as negotiated in the union contract)
• $1.11 million in Capital Improvement ETFs
• Creation of a new Community Infrastructure ETF for expenses related to projects addressing infrastructure needs throughout the community
• Creation of a new Ambulance ETF for the purpose of providing funds to ensure uninterrupted ambulance service; there is currently an effort at the state level to shift the cost of ambulance services from insurance companies to the taxpayers in order to reduce the burden on insurance companies
• Petitioned Warrant Article to support the Lake Winnipesaukee Alliance in the amount of $25,000; LWA is a nonprofit organization dedicated to protecting water quality and natural resources of Lake Winnipesaukee
• Top five revenue streams (not including property taxes) are utilities, motor vehicle permits, charges for services, NH Rooms & Meals, and the NH Highway Block Grant
• Top five expenditures are personnel and benefits, municipal administration, utilities, highways & streets, and long-term debt
• The new municipal tax rate is $3.76 per $1,000 of property value (the tax rate of $3.35 in 2024 will increase to $3.76, a $0.41 increase); a home with a value of $400,000 will have an increase in property taxes of $164

Note county and school taxes will be included in the total tax rate.

Important dates are Election Day at Meredith Community Center, 7 a.m.–7 p.m. on Tuesday, March 11; and Town Meeting at Inter-Lakes Junior/Senior High School Auditorium, 1 Laker Lane, at 7 p.m. on Wednesday, March 12.

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Jeanie Forrester is vice chair of the Meredith Selectboard.