The city of Newport has adopted its budget for fiscal year 2024-2025.
“Each year when we adopt the budget that’s our best guess or guesstimate or estimate where our revenues and our expenditures are going to fall during the course of the fiscal year,” Newport Manager Tom Fromme said during a special meeting Tuesday. “We’ve done a pretty good job over the years of making a good estimate for that, but it’s never going to be perfect.”
Fromme said the city is projecting its operational staff (including the police, fire and public works departments) to grow over the next four to five years. Newport’s total personnel increased by 13 people from fiscal year 2024 to 2025.
Newport broke down its projected fiscal year 2025 revenues for a total of $28,449,210.
See the breakdown here:
The total expenses estimated for fiscal year 2025 is $28,278,560.
The overall budgeted general fund is $170,650 added to the fund balance carried forward of $16,268,395 is a total of $16,439,045.
See the breakdown here:
The city’s revenue and expenses are both projected to decrease from fiscal year 2023-2024. The 2023-2024 revenue was $28,570,510, and expenses were $26,521,440.