The Upper Moreland Budget and Finance Committee held a Special Action meeting Tuesday to make a decision whether or not to adopt the preliminary budget that would see an increase in real estate taxes for 2013-14.
Members of the School Board voted to adopt the budget that currently sits at a $861,493 gap, which was decreased from the original gap of $1,693, 872.
The 2013-14 Budget is in the amount of $57,160,250 representing a real estate rate of 27.38 mills, and 1/2 of 1 percent earned income and net profits tax on all residents earning at least $4,000 per year.
Business Manager Michael Braun said the school board picked up $266,119 in revenue while $512,260 of expenses was cut out.
For a home assessed by the county at a value of $127,250, homeowners would see an increase of $77.29 on their tax bill.
"In order to reduce that gap, there will have to be cuts," said Braun. "We're still several months away (from officially adopting the budget) and there are a lot of things that can happen."Assessment 1,454,797,797 Tax Rate 27.38 mills Real Estate Tax $39,832,364
The School Board will discuss the budget and how to decrease the gap in its upcoming meetings. Final decisions about cuts don't have to be made until the summer.
The Millage increase represents a 2.27 percent increase from the previous year. And the Budget Expense will see an 3.37 percent increase.
The Earned Income and Net Profits Tax will be adopted on all residents and inhabitants earning at least $4,000 per year, at a rate of 1 percent for the 2013-2014 fiscal year.
The Realty Transfer Tax will be adopted for the 2013-2014 fiscal year with the estimated income to be $450,000.
A final decision on the budget must be made by July 1.