Executive Summary Introduction The 2015 Annual Budget, presented on November 10, 2014, is a reflection of State College Borough’s goals and objectives for 2015. The proposed 2015 budget includes expenditures of $44,580,952 and is balanced with revenues...
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Executive Summary Introduction The 2015 Annual Budget, presented on November 10, 2014, is a reflection of State College Borough’s goals and objectives for 2015. The proposed 2015 budget includes expenditures of $44,580,952 and is balanced with revenues and the appropriation of fund balance. There are no major new programs proposed in 2015. The budget reflects the continued stagnate revenue base with both property taxes and earned taxes projected to be flat. The 2015 budget also calls for the elimination of funding for a number of positions, including two police officers, a records clerk, and 1.5 positions in the Financial Services Division. In order to provide revenue to cover part of the budget gap, the General Fund Budget contains two proposed tax increases. General Fund Overview Real Estate Tax Increase – a 3.36 mill rate increase is proposed. The increase is needed to reduce the budget deficit and maintain stable operations. If the proposed increase is not adopt
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