Higher Property Taxes In Westmoreland County Ruled Out Despite $15M Budget Gap

Map of Pennsylvania highlighting Westmoreland County (Photo credit: Wikipedia)

Westmoreland County commissioners said Thursday that there won’t be a property tax increase next year despite a projected deficit of $15 million.

Commissioners revealed a preliminary $340 million budget for 2015 that anticipates declines in revenue and increases in proposed expenses, offset by dipping into the county’s surplus.

If enacted, the budget proposal would deplete the surplus fund to $10.7 million.

The surplus fund should end this year at $25 million.

Read more: http://triblive.com/news/westmoreland/7200570-74/million-budget-county#ixzz3JjUBjx9a
Follow us: @triblive on Twitter | triblive on Facebook

Altoona Area School District Finalizes Bonds

Map of Blair County, Pennsylvania, United States Public School Districts (Photo credit: Wikipedia)

The Altoona Area School District recently refinanced a bond series of $46 million for a net interest savings of more than $2 million.

The district’s favorable A-plus credit rating achieved by years of good financial management, a Standard and Poor’s rating services report stated, is one reason the district was able to reduce the original 4.36 percent interest rate and obtain the savings.

Market conditions providing 40-year low bond interest rates were another reason.

“The savings are higher than the estimate we had in September,” Business Manager Michelle Krebs said.

Read more:  http://www.altoonamirror.com/page/content.detail/id/566933/Altoona-finalizes-bonds.html?nav=742