Bedford, NH, is gearing up for a significant budgetary shift as the Town Council met on October 23, 2024, to discuss the proposed budget for the upcoming year. The council is facing challenges in attracting and retaining skilled employees, compounded by inflation concerns that are expected to impact future budgets, particularly in capital expenditures.

The proposed budget reflects a 5.72% increase over the previous year, with the municipal portion of the tax rate estimated to rise by $0.12, bringing it to $3.67 per $1,000 of assessed value. This translates to an additional $72 annually for homeowners with properties valued at $600,000. The council emphasized the importance of maintaining service levels while managing costs, particularly in road maintenance, which has seen significant investment over the years.

A key focus of the meeting was the Capital Improvement Plan (CIP), which is deemed essential for the town's future success. The council discussed the rising costs and delivery times for necessary equipment, including vehicles and infrastructure improvements. The CIP budget for 2025 is projected at over $2.8 million, a $581,000 increase from the previous year, primarily driven by inflation and the need for new dump trucks.

The council also addressed the use of fund balance to offset the tax rate, recommending a reduction to $1.25 million for 2024, down from $1.7 million the previous year. This decision aims to maintain a healthy unreserved fund balance, projected to be just above 10% by the end of 2024.

In addition to the budget discussions, the council is preparing for a series of public hearings and workshops leading up to the final vote on March 11, 2025. The upcoming budget workshop on November 2 will be open to the public and televised, encouraging community participation in the budget process.

As Bedford navigates these financial challenges, the council remains committed to transparency and community engagement, aiming to ensure that residents are informed and involved in the decision-making process that will shape the town's future.