Where your tax dollars go
North Smithfield FY2026 general fund — $55.6 million
Total budget
$55.6M
Property tax levy
$36.756M
rate: $11.499 per $1,000
Current debt service
$3.9M/yr
7% of budget
School bonds retire
2027
frees $2.16M/yr
For every $100 in taxes
FY2026 (current)
After police station bond
Adjust the police station bond
Project cost: ~$9.1M. The coin chart above updates when you're on the "after" tab.
$7.0M
$2.1M from fund balance
4.50%
School bonds (retiring 2027)
School bonds (continuing)
Town bonds (existing)
Police station (new)
Reserves
17% AG recommended min
12% ordinance minimum
$
Your debt portion today
per year
After bond + retirement of school bonds
per year
Net change
Based on FY2026 residential tax rate of $11.499 per $1,000 assessed value and total assessed residential base of ~$3.20B. Your actual impact depends on exemptions and final budget decisions.
Town reserves — audited as of June 30, 2025
Source: FY2025 Annual Financial Statements (audited). General Fund total fund balance.
Total general fund balance
$13.35M
grew $1.78M (+15.3%) in FY2025
Actually available above 17% line
$0.45M
+ $4.0M earmarked for police station
How the $13.35M is really structured
Not all reserves are available to spend — most of it is required minimums.
Of the $13.35M total, $5.28M is the required minimum (12% of operating expenditures per town ordinance) — this money cannot be touched. An additional $2.20M is the recommended buffer to reach the Auditor General's 17% threshold. That leaves only $0.45M of truly flexible unassigned money, plus $4.0M specifically earmarked for the police station by the prior council, plus $1.42M in smaller committed and assigned pots. The earmarked $4M sits on top of a fully funded reserve floor — using it for its intended purpose does not endanger the town's financial position.
What happens to reserves after the police station?
Reserve thresholds
Auditor General (17%)
$7.48M
of ~$44M operating exp.
Town ordinance max (16%)
$7.04M
Town ordinance min (12%)
$5.28M
Where does the other $20 million come from?
The budget is $55.6M but property taxes only raise $36.756M.
State education aid
$9.5M
formula aid, housing aid, special ed
Other state aid
$4.2M
MV reimbursement, meals tax, library, hotel tax
Fees, permits & other
$6.5M
EMS billing, court fees, building permits, interest income
Sources and methodology
Every number on this page is traceable to a specific document, page, and line item. Estimates are clearly marked.
Primary sources
Budget: Town of North Smithfield, FY2026 General Fund Budget — Appendix A (Revenue), Appendix B (Expense Summary), Appendix C (Expenditure Detail). Adopted by Town Council; tax rates set by 4-1 vote per Valley Breeze reporting (July 3, 2025).
Audit: Town of North Smithfield, Annual Financial Statements for the Fiscal Year Ended June 30, 2025, with Independent Auditor's Reports Under the Uniform Guidance. 141 pages.
Meeting: North Smithfield Town Council meeting transcript, March 16, 2026. Statements by Budget Committee Chair Douglas Osier, Town Administrator Scott Gibbs, and Finance Director Anthony St. Onge.
Audit: Town of North Smithfield, Annual Financial Statements for the Fiscal Year Ended June 30, 2025, with Independent Auditor's Reports Under the Uniform Guidance. 141 pages.
Meeting: North Smithfield Town Council meeting transcript, March 16, 2026. Statements by Budget Committee Chair Douglas Osier, Town Administrator Scott Gibbs, and Finance Director Anthony St. Onge.
Figure-by-figure sourcing
Total budget ($55,352,785): FY2026 Budget, Appendix B, page 11, "Total Expenditures" row, "Town Council Budget" column. Confirmed by Valley Breeze (July 3, 2025): "The final general fund budget totals $55,352,785." Displayed as $55.6M (rounded).
Property tax levy ($36.756M): FY2026 Budget, Appendix A, page 1, "Total Tax Revenue" row.
Tax rate ($11.499 per $1,000): Set by Town Council vote, confirmed by Valley Breeze (July 3, 2025): "residential at $11.499 per $1,000 of assessed value." Also confirmed on town website (nsmithfieldri.gov/213/Tax-Rates-General-Information).
Total assessed residential base (~$3.20B): Estimated. Derived from: $36.756M tax levy ÷ $11.499 per $1,000 = ~$3.08B. This is an approximation because the levy includes commercial and tangible property at different rates ($16.936 commercial, $43.632 tangible per Valley Breeze). The residential share is the dominant component. A more precise figure would require the assessor's grand list breakdown.
Current debt service ($3,908,331): FY2026 Budget, Appendix C, page 22, "Total Debt Service" row. Composed of:
School Principal: $2,605,913.71 (4 amortization schedules, Appendix C p.22)
School Interest: $401,487.40 (4 schedules, Appendix C p.22)
Town Principal: $873,296.45 (3 schedules, Appendix C p.22)
Town Interest: $27,633.82 (3 schedules, Appendix C p.22)
School Interest: $401,487.40 (4 schedules, Appendix C p.22)
Town Principal: $873,296.45 (3 schedules, Appendix C p.22)
Town Interest: $27,633.82 (3 schedules, Appendix C p.22)
Retiring school bonds ($2,155,550/yr): Estimated from budget detail. The largest school bond series in Appendix C p.22 shows $1,880,000 principal + $275,550 interest = $2,155,550. Town Administrator Gibbs stated at the March 16, 2026 meeting that school bonds retire in FY2027 (starting July 1, 2026) and that the retiring debt exceeds the new police station bond payments ("However, what that did not take into consideration was the retirement of debt in 2027. The retirement of debt is greater than the new debt payments associated with the new bond."). Budget Committee Chair Osier referenced $2.16M in retirement savings. The specific bond series retiring was not named in the meeting transcript; the $1.88M principal series is identified here as the match based on magnitude.
Continuing school debt ($851,851/yr): Derived. Total school debt service ($3,007,401) minus retiring series ($2,155,550) = $851,851. Comprises the three remaining school bond amortization schedules in Appendix C p.22: $405,000 + $15,552 (schedule 1), $215,000 + $104,275 (schedule 4), and $105,913.71 + $6,110.40 (schedule 3).
Existing town debt ($900,930/yr): Derived. Sum of three town bond schedules in Appendix C p.22: $825,000 + $24,750 (schedule 1), $34,644.67 + $1,998.73 (schedule 2), $13,651.78 + $885.09 (schedule 3).
Police station project cost (~$9.139M): From Town Administrator Gibbs at March 16, 2026 meeting: "If you take the money that we currently have set aside for this, we're at $9,140,000." This figure reflects the construction contract after ~$1.3M in value engineering plus ~$1.5M in existing cash set-asides, reduced from an initial estimate of ~$10.6M (also stated by Gibbs at the meeting).
Budget categories ("per $100" coin chart): Approximate. Derived from FY2026 Budget Appendix B department totals (pages 3-11), grouped into display categories:
Schools ($32.3M): "Total School" — Appendix B p.11
Police ($5.2M): Total NSPD + Total Dispatch + Total Animal Control — Appendix B pp.7-8
Fire ($4.7M): Total NSFD — Appendix B p.8
Roads ($4.1M): Total Highway + Total DPW — Appendix B pp.9-10
Debt ($3.9M): Total Debt Service — Appendix B p.11
Govt ($2.4M): Administration + Finance + Legal + Town Clerk + Planning + other admin — Appendix B pp.3-6
Parks ($1.5M): Total Parks & Rec + NS Library — Appendix B pp.6,10
Other ($1.5M): Remainder (Building & Zoning, EMA, Board of Canvassers, General Govt, etc.)
Percentages are rounded to whole dollars per $100. Rounding adjustments applied to the largest category (Schools) to ensure the total equals exactly $100.
Police ($5.2M): Total NSPD + Total Dispatch + Total Animal Control — Appendix B pp.7-8
Fire ($4.7M): Total NSFD — Appendix B p.8
Roads ($4.1M): Total Highway + Total DPW — Appendix B pp.9-10
Debt ($3.9M): Total Debt Service — Appendix B p.11
Govt ($2.4M): Administration + Finance + Legal + Town Clerk + Planning + other admin — Appendix B pp.3-6
Parks ($1.5M): Total Parks & Rec + NS Library — Appendix B pp.6,10
Other ($1.5M): Remainder (Building & Zoning, EMA, Board of Canvassers, General Govt, etc.)
Revenue breakdown ($20.2M non-tax): FY2026 Budget, Appendix A, pages 1-2:
State education aid ($9.5M): "Total State Aid" minus non-education items, Appendix A p.2. Includes School Formula Aid ($7,418,820), School Housing Aid ($917,259 + $144,208), High-Cost Special Ed ($152,557), and Group Home Aid.
Other state aid ($4.2M): MV Phase Out Reimbursement ($4,215,266), MV Excise ($183,264), Public Service Corp ($154,581), Meals & Beverage ($418,056), Hotel Tax ($5,229), Library Aid ($95,323) — Appendix A p.2.
Fees, permits & other ($6.5M): EMS Billing ($260,000), Municipal Court ($75,000), Building Permits ($130,000), Administration fees ($67,272), Interest Income ($175,000), School Other Funding ($400,000), Town Clerk fees ($322,600), and remaining miscellaneous — Appendix A pp.1-2.
Other state aid ($4.2M): MV Phase Out Reimbursement ($4,215,266), MV Excise ($183,264), Public Service Corp ($154,581), Meals & Beverage ($418,056), Hotel Tax ($5,229), Library Aid ($95,323) — Appendix A p.2.
Fees, permits & other ($6.5M): EMS Billing ($260,000), Municipal Court ($75,000), Building Permits ($130,000), Administration fees ($67,272), Interest Income ($175,000), School Other Funding ($400,000), Town Clerk fees ($322,600), and remaining miscellaneous — Appendix A pp.1-2.
Reserve figures (from FY2025 audit)
Total General Fund balance ($13,350,006): FY2025 Audit, Balance Sheet — Governmental Funds (p.15 of audit / p.20 of PDF), General Fund column, "Total fund balances (deficits)" row. Confirmed in MD&A (p.9 of audit / p.13 of PDF): "the total fund balance of the General Fund was $13,350,006."
Fund balance breakdown: All from FY2025 Audit, Balance Sheet (p.15 / PDF p.20), General Fund column:
Unassigned: $7,931,015 — "Unassigned" row
Police station committed: $4,000,000 — "Police station building" under Committed
Other committed: $856,266 — Sum of Revaluation ($127,266) + Capital assets & projects ($468,976) + Public safety programs ($29,319) + Other ($230,705)
Assigned: $532,846 — Sum of Road resurfacing ($189,099) + Capital assets ($86,647) + Other ($257,100)
Nonspendable: $29,879 — Prepaid expenditures
Police station committed: $4,000,000 — "Police station building" under Committed
Other committed: $856,266 — Sum of Revaluation ($127,266) + Capital assets & projects ($468,976) + Public safety programs ($29,319) + Other ($230,705)
Assigned: $532,846 — Sum of Road resurfacing ($189,099) + Capital assets ($86,647) + Other ($257,100)
Nonspendable: $29,879 — Prepaid expenditures
Fund balance growth ($1,775,781 / 15.34%): FY2025 Audit, MD&A (p.9 / PDF p.13): "The General Fund total fund balance increased by $1,775,781 (15.34%) during the current fiscal year."
Operating expenditure base (~$44.5M): Derived from audit. The FY2025 Audit MD&A (p.9 / PDF p.13) states: "The unassigned fund balance in the General Fund represents 17.82% of the total Fiscal Year 2025 General Fund budgeted expenditures (excludes School Pass-thru)." Working backward: $7,931,015 / 0.1782 = $44,506,818. Budget Committee Chair Osier used ~$44M at the March 16 meeting. This visualization uses $44M as the round working figure.
Reserve thresholds:
17% Auditor General recommendation: 17% × $44M = $7,480,000. Per Osier at March 16, 2026 meeting: "even with the 17% threshold, which is a percent higher than our own ordinance states, the town would still be in good financial position."
16% town ordinance maximum: 16% × $44M = $7,040,000. North Smithfield Ordinance 29.2.B
12% town ordinance minimum: 12% × $44M = $5,280,000. North Smithfield Ordinance 29.2.B
29.2.B: "The Town will maintain an appropriate level of unassigned fund balance following the guidelines established by the Government Finance Officers Association (GFOA) which recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted budgetary fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures. With this guidance, the Town will maintain an unassigned fund balance at a minimum of 12% but not more than 16% of general fund expenditures in any given fiscal year."
16% town ordinance maximum: 16% × $44M = $7,040,000. North Smithfield Ordinance 29.2.B
12% town ordinance minimum: 12% × $44M = $5,280,000. North Smithfield Ordinance 29.2.B
29.2.B: "The Town will maintain an appropriate level of unassigned fund balance following the guidelines established by the Government Finance Officers Association (GFOA) which recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted budgetary fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures. With this guidance, the Town will maintain an unassigned fund balance at a minimum of 12% but not more than 16% of general fund expenditures in any given fiscal year."
Calculations and estimates
Bond annual payment: Calculated using standard level-payment amortization formula: PMT = PV × [r(1+r)n] / [(1+r)n − 1], where PV = bond amount, r = annual interest rate, n = 20 years. This assumes level annual debt service, which is common for municipal bonds but not the only structure. Actual payments depend on bond structure (level principal vs. level debt service), market conditions at time of sale, and bond counsel decisions.
Home value tax impact: Estimated. Calculates the debt-service share of a homeowner's tax bill as: (assessed value × $11.499 / 1,000) × (debt service / total budget). The "after" scenario adjusts both debt service and total budget. This is a proportional estimate — actual tax bills are set annually by the council and depend on the full budget, not just debt service. The assessed base of ~$3.08B is derived (see above) and includes simplifying assumptions about the residential share.
Interest savings from using reserves: Rough estimate. Calculated as: reserve amount × interest rate × 20 years × 0.55 (approximate present-value discount factor). This is illustrative, not precise — actual savings depend on the bond amortization schedule and the timing of reserve draws.
Reserve layer breakdown: Derived. The horizontal bar and scenario text divide the $13.35M into functional layers. "Required minimum" ($5.28M) and "Recommended buffer" ($2.20M) are policy thresholds applied against the unassigned balance, not formal accounting categories. The audit reports fund balance by GASB classification (nonspendable, restricted, committed, assigned, unassigned). The layered presentation reframes these for readability but the underlying numbers are unchanged.
~5,015 households (per-household estimate): Approximate. Based on 2024 U.S. Census estimates for North Smithfield. Used only for the rough per-household debt service figure in the explanatory text.
Limitations and caveats
This visualization is an informational tool, not financial advice. Key limitations: (1) Bond payment estimates assume a structure that may differ from what's ultimately placed. (2) The "per $100 in taxes" chart uses rounded whole-dollar amounts and category groupings that involve judgment calls about which departments to combine. (3) The retiring bond identification is based on matching magnitude to the $2.16M figure cited in the March 16 meeting; the specific CUSIP or bond series was not confirmed. (4) FY2027 budget impacts (beyond debt service changes) are not modeled — the actual tax rate will depend on the full FY2027 budget. (5) The total assessed base is a derived estimate; the actual grand list by property class would yield a more precise figure. (6) Reserve threshold percentages are applied against an operating expenditure base of ~$44M derived from the audit; the FY2026 base may differ slightly.