Portsmouth’s FY25 budget uses casino revenue to keep real estate tax decrease, fund schools
PORTSMOUTH, Va. (WAVY) — Portsmouth’s proposed fiscal year 2025 budget uses $15.8 million in gaming tax revenue from the city’s casino toward several big ticket items.
That includes $5.2 million toward Portsmouth Public Schools to help pay for 7% raises for teachers and other initiatives and $5.3 million to fund another 5-cent real estate tax credit like last year’s, effectively bringing the city’s rate from $1.30 to $1.25.
The full budget document was released Tuesday by Interim City Manager Lydia Pettis Patton (Portsmouth’s former city manager), who was appointed to the role last week.
The budget also proposes no stormwater utility increases, but continues a scheduled 5% increase in water and sewer usage charges.
There’s also a 50% Personal Property Tax Relief Act-eligible discount rate, and increases in fees at Bide-a-Wee Golf Course to fund course maintenance projects.
The budget funds 3.5% raises for general and sworn employees hired on or before June 30, 2024, starting on July 5, 2024.
It also fully funds Portsmouth Public Schools’ budget request of just over $15 million, which includes new teacher bonuses in addition to the proposed 7% raises for teachers and administrators.
The city’s 5-year capital improvements plan meanwhile still includes allocating $20 million over the next few years for relocating the city’s waterfront jail, and $98 million for public safety facilities master plan that brings police and the fire department to a centralized facility. Last year’s CIP called for $85 million for that master plan.
You can read the full budget here.
For the latest news, weather, sports, and streaming video, head to WAVY.com.
