LONDONDERRY — The state of the town's financial books is strong.
That's the word coming recently from Town Manager Kevin Smith. He reported to both Town Council and the Budget Committee on the state of the town's finances.
At a Town Council meeting Oct. 29, Smith's remarks accompanied a report by Frank Biron of Melanson Heath, who presented the town's Comprehensive Annual Financial Report.
Smith said Londonderry is seeing much growth and staff is doing a good job working on economic development projects to help keep the town's momentum moving in the right direction.
"Our economic development staff continues to receive a growing number of inquiries about potential development at Pettengill Road," Smith said.
That area is a boon when it comes to growth lately with new projects under construction, including a new FedEx facility and a massive UPS project.
Smith continued his good news a few nights later at a meeting Oct. 23, telling the Budget Committee the town may see approximately $982,224 in surplus that could go back to replenish the town's fund balance account.
"This year we'll have some money to use if the Town Council chooses to do so," Smith said.
He said, that money could also be used to support the fiscal year 2016 budget.
Smith said the town's finance team did a good job, working in a "very aggressive" manner to work with mortgage companies and go after properties that had been taken off the tax rolls to get them back on to bring in revenue.
"I commend the finance department for having done that," he said.
In addition, Smith said the town's tax rate was expected to drop.
The town side of the rate was projected to drop by 2 cents, the first decrease in seven years, he said.
The town tax rate will be $5.17. The school rate is expected to remain the same.
The overall tax rate is also decreasing, Smith said. The rate was expected to be $21.09.
"This will be welcome news to taxpayers," he said.