Annual report of the Town of Hampton, New Hampshire
Annual report of the Town of Hampton, New Hampshire
Annual report of the Town of Hampton, New Hampshire
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TOWN OF HAMPTON<br />
NOTES TO<br />
THE FINANCIAL STATEMENTS<br />
DECEMBER 31, 1991<br />
NOTE 3 - ASSETS<br />
A. Cash and Investments<br />
At year end, <strong>the</strong> carrying amount <strong>of</strong> <strong>the</strong> <strong>Town</strong>'s cash deposits is<br />
$2,001,962 and <strong>the</strong> bank balance is $2,358,365. Of <strong>the</strong> bank balance,<br />
$461,960 was covered by Federal depository insurance and $1,896,405 was<br />
uninsured.<br />
The <strong>Town</strong> is fur<strong>the</strong>r authorized to invest Trust Funds, except Capital<br />
Reserve Funds, in obligations <strong>of</strong> political subdivisions and stocks and<br />
bonds that are legal for investment by <strong>New</strong> <strong>Hampshire</strong> savings banks.<br />
Capital Reserve Funds must be kept separate and not intermingled with<br />
o<strong>the</strong>r Trust Funds. Capital Reserve Funds may be invested only in savings<br />
bank deposits <strong>of</strong> <strong>New</strong> <strong>Hampshire</strong> banks, or in United States or State <strong>of</strong> <strong>New</strong><br />
<strong>Hampshire</strong> bonds or notes.<br />
The <strong>Town</strong>'s investments at year end are:<br />
US Treasury Notes<br />
US Government<br />
Obligations<br />
Total<br />
Investments<br />
All <strong>of</strong> <strong>the</strong> <strong>Town</strong>'s investments are under <strong>the</strong> management <strong>of</strong> <strong>the</strong> First<br />
National Bank <strong>of</strong> Portsmouth, who is <strong>the</strong> agent for <strong>the</strong> <strong>Town</strong>'s<br />
Trustees <strong>of</strong> Trust Funds. Investments are held by an agent <strong>of</strong> <strong>the</strong><br />
bank but not in <strong>the</strong> <strong>Town</strong>'s name.<br />
B. Property Taxes<br />
Carrying<br />
Amount<br />
130<br />
- 17 -<br />
Market<br />
Value<br />
$ 3,886,583 $ 3,886,583<br />
6,908,562 7,044,811<br />
$10,795,145 $10,931,394<br />
The property tax year is from April 1 to March 31 and all property taxes<br />
are assessed on <strong>the</strong> inventory taken in April <strong>of</strong> that year.<br />
Interest <strong>of</strong> 12% is charged on property taxes unpaid after thirty days<br />
from <strong>the</strong> date <strong>of</strong> billing.<br />
<strong>Annual</strong>ly, <strong>the</strong> <strong>New</strong> <strong>Hampshire</strong> Department <strong>of</strong> Revenue Administration, in<br />
conjunction with <strong>the</strong> <strong>Town</strong>, establishes and raises through taxation an<br />
amount for abatements and refunds <strong>of</strong> property taxes, known as overlay.<br />
This amount is <strong>report</strong>ed as a reduction in tax revenue and is adjusted by<br />
management for any tax reserves at year end. The property taxes<br />
collected by <strong>the</strong> <strong>Town</strong> include taxes levied for <strong>the</strong> <strong>Hampton</strong> and<br />
Winnacunnet Cooperative School Districts, Rockingham County and <strong>Hampton</strong><br />
Beach Precinct, which are remitted to <strong>the</strong>se governmental units as
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