Borough Council Introduces 2024 Budget; Public Hearing and Final Adoption Scheduled for Monday, May 6th
At the Budget Workshop Meeting on Saturday, April 6th, Borough Council Introduced the 2024 Budgets.
The Public Hearing and Final Adoption is scheduled for Monday, May 6th, 2024 at Borough Council’s regularly scheduled Caucus Meeting beginning at 6:30 PM. All residents and taxpayers are invited to attend.
The proposed 2024 Budget can be reviewed by selecting the link below.
Budget_2024
Following is a summary…
Municipal Budget
The 2024 Budget increases the Local (Municipal) Tax Rate to $1.42407 per $100 of assessed valuation, up about $0.037 over last year.
For a home assessed at the 2024 Borough average of $148,798.50 the increase amounts to $57.14 per year ($14.28 per quarter / $4.76 per month) or 2.77% over last year and is well within state-mandated caps.
This year’s total Local Municipal Tax to be paid by the owner of a home assessed at the Borough’s average is $2,118.99.
2024 was a particularly challenging year as the Borough saw significant increases in trash collection efforts, which is why we’re transitioning to collecting it ourselves, along with significant increases in: state-mandated stormwater management requirements; general liability insurance including workers’ compensation and cyber risk premiums; and mandatory health benefits and pension contributions for Borough employees.
Plus, the Borough continued to fund the Palmyra Fire Department Volunteer Participation and Stipend Program that pays firefighters a $150 per day stipend to staff the Firehouse! This came to $78,000 in annual expenses – but money well spent for sure!
This Budget also fully funds the Police Department including 17 officers plus adds a Police Clerk and three Class I Special Officers to patrol Legion Field and enforce downtown parking regulations – a top priority requested by local business owners on Broad St.
The Total Budget is $11,006,584.19 and the Borough utilized $2,000,700 in Fund Balance (surplus) this year to reduce the Local Purpose Tax, plus an additional $680,000 was used from the PILOT* funds from the warehouse construction project on Route 73 to further reduce taxes and fees and for infrastructure improvements like road projects. (The Borough does a lot of road improvement projects and 2024 promises to be no different!)
*Payment in Lieu of Taxes – the Borough receives $1,000,000 annually from the warehouse property owner, less certain land credits and 5% due the county.
The Borough still maintains about $3.8M in Fund Balance for use in future years. Maintaining a healthy surplus, combined with responsible, strategic use of these “rainy day funds”, contributes to the Borough’s strong financial position, high credit rating (which equals lower interest rates), and long-term tax stability. This surplus also allows the Borough to hold its own notes, saving tens of thousands of dollars in interest payments!
This Budget maintains or expands all existing services and includes a 3% increase for staff.
The 2024 User Friendly Budget and other important information will be posted on our Finance webpage after Final Adoption.
Sewer Utility Budget
The 2024 Sewer Utility Budget stands at just over $2.2M with spending on wastewater treatment and operations, debt service, and salaries down from last year’s Budget of about $2.3M.
The Sewer Utility Budget maintains or expands all existing services and includes 3% increases for the Sewer Utility employees.
