By petition of Kerstin Wilcox and at least 25 registered voters, shall the Town of Hampton seek to gradually reduce the amount of the budget dedicated to debt service from the current 12% to a maximum of 6%, which is the average percentage of debt service for all New Hampshire towns? Methods of bringing the debt down might include the use of capital improvement funds to save for projects requiring bonds, thus avoiding or reducing interest debt, or timing projects such that implementation coincides with the expiration of previous debt. This advisory article does not speak to any specific project, but rather addresses the desire of taxpayers to control the overall percentage of the budget dedicated to paying down bond debt? (Majority vote required)
What it means: This advisory Article seeks to bring awareness to the fact that Hampton currently dedicates 12 cents of every tax dollar collected to debt requirements, twice the level of the average New Hampshire town. Approval of this Article would send a message encouraging the timing of projects and/or capital reserve funds to reduce or avoid bond debt in the future.
Those in favor say: This is a good thing to be aware of, and a sensible approach.
Those against say: No one spoke against this Article at Deliberative Session.
Fiscal Impact: No tax impact.