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#NewtownPA Supervisors Vote To Advertise - Make Public - the "Preliminary" 2024 Budget

#NewtownPA Supervisors Vote To Advertise - Make Public - the "Preliminary" 2024 Budget | Newtown News of Interest | Scoop.it

The Newtown Township Board of Supervisors unanimously approved the advertisement of the proposed 2024 budget that included a proposed slight tax increase.

Its budgeted revenues are projected to be $14,291,936 million, an increase from the previous year, according to the proposed budget.

Meanwhile budgeted expenditures are projected to rise to $16,001,653 million. The budgeted general fund deficit is projected to decrease to $2,386,265. 

The proposed spending plan includes a tax hike of two mills for the fire protection fund and an additional mill to reduce debt service costs.

Under this plan, the typical municipal tax bill would increase to $511 for properties with average assessment.

 

johnmacknewtown's insight:

 

Deficit = $ 2,289,430; This is covered by $ 4,134,661 2023 balance.

 

Thus, Net Fund Balance = $ 1,845,232 (11 % of TOTAL EXPENDITURES; Good accounting practices recommend 17% to cover emergencies)

 

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Newtown News of Interest
These Scoops are excerpts from articles published in local newspapers and other sources that may be of interest to Newtown area residents. Please click on the "From" link to access the full original article. Any opinions and "insights" appended to these article summaries are solely those of John Mack and do not represent the opinions of any other person or entity.
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