New Castle News

Neshannock

May 24, 2014

Neshannock proposes budget with no tax hike

NEW CASTLE — The Neshannock Township school board introduced a $17.5 million budget with no tax increase.

The spending plan, which is $508,143 greater than the current year’s budget, will be on display in the office of superintendent Dr. Mary Todora until the board votes on it June 23.

The budget was introduced on a 6-2 vote with James McFarland, David Antuono, P.J. Copple, Mark Hasson, Richard Loudon and Karen Houk, president, voting yes and Amy Na and Jay Vitale opposed. Cathy Snyder was absent.

The plan contains anticipated expenditures of $17,513,194 and $16,997,781 in revenues.

Todora said the district will balance the budget using its $4.5 million fund balance.

She also noted teacher retirements are anticipated and the district plans to refinance its 2009 bond issue to take advantage of lower interest rates. This is expected to save the district $303,000 over the remaining 17-year life of the bond. This includes saving $234,000 in the first year, she said.

Taxes will remain the same as the current year. They include property tax millage of 14.3758. The district will also:

•Collect an earned income tax of one-half of one percent, raising an estimated $1.2 million. The remaining one-half percent is retained by the township.

•Share a real estate transfer tax with the township, with each receiving half of the collections. The district estimates it will receive $110,000.

•Collect a $10 per capita tax, a $5 per capita tax and a $10 emergency and municipal services tax.

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