The Upper Moreland Budget and Finance Committee held a Special Action meeting Tuesday to adopt the preliminary budget that would see an increase in real estate taxes for 2013-14.
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.
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.Assessment 1,454,797,797 Tax Rate 27.38 mills Real Estate Tax $39,832,364
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.
Here is the full agenda for tonight's meeting:
A. Brian Davis, Chairperson
I. INFORMATION ITEMS
A. Debt Service Proposal for Middle School Energy Project and Facilities Upgrades
B. 2013-2014 Budget Process and the UMSD Timeline for February & March
II. DISCUSSION ITEMS
III. CONSENT ITEMS
A. Revenue Report and Expenditure Report for the month of January 2013 as presented.
B. Financial Reports for the month of January 2013 as presented:
- Check Reconciliation and List of Payments as presented.
- Cash Flow Statement as presented.
- Outstanding Investments Report as presented.
- Scholarship Fund report as presented.
- Student Funds report as presented.
- Fund Raising Report as presented.
- Budget Transfers as presented for February 2013.
- Food Service Financial Statement as presented.
- Facilities Overtime Report as presented.
C. Request approval for the following contracts for the Middle School Musical (Funded with Student Funds):
- Erica Bruner, Pit Performer, Flute - $350.
- Deborah Chrisman, Pit Performer, Clarinet - $350.
- John V. D’Ascenzo, Pit Performer, Trumpet - $350.
D. Approval requested for the Release and Settlement Agreement between the Upper Moreland School District and Settlement Music School as per attached.
MOTION: To approve all items in the Budget/Finance Consent Agenda as presented.