What it means: Establishing and funding a Capital Reserve Fund helps spread the cost of needed work over multiple years. Savings will be available for future maintenance and improvements to the roadways and associated sidewalks within the Town of Hampton. Approval is required by Town Meeting (your vote) to use this Fund. The current value of the fund without this appropriation, but after the use of $500,000 towards the recently approved High Street Improvements project is $2,335,091. Projects that may be considered using funds from this reserve account could include, but are not limited to:
- Moulton Road Improvements
- Mace Road Improvements
- Winnacunnet Road Improvements
No one spoke for or against this Article at Deliberative Session.
Fiscal impact: Cost per $1,000 valuation is $0.126. A household valued at $400,000 would see a tax increase of $50.40 for 2024. However, $500,000 was approved and was part of the 2023 tax bill. Thus, this would remain constant with 2023 tax bills, i.e. no increase over last year.