Tax Increase Set For State College Area School District Residents

Counties constituting the Happy Valley Region of Pennsylvania (Photo credit: Wikipedia)

STATE COLLEGE, PA — Taxpayers in the State College Area School District will see a 1.95 percent tax increase after the district school board adopted its final general fund budget Monday.

Board members unanimously approved, with no discussion, a real estate tax increase from 38.75 mills to 39.5056 mills, with each mill representing $3.95 per $100 of assessed value.

Under the budget of $126,791,664 for the fiscal year starting July 1 and ending June 30, 2015, the median district homeowner will pay an additional $54, according to the district.

The district projects that the tax increase will add $1.56 million in revenue, while assessed value growth will provide another $1.2 million.

Read more here: http://www.centredaily.com/2014/06/23/4237495/tax-increase-set-for-state-college.html?sp=/99/264/&ihp=1#storylink=cpy

Talk Of Wilkes-Barre Area Tax Hike Shifts To Needs For The Future

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

WILKES-BARRE, PA  — While the Wilkes-Barre Area School District budget committee continued to discuss a possible 2.9 percent tax increase at a Tuesday noon meeting — talk that prompted stinging rebukes from resident Sam Troy — the tone of the conversation seemed to shift from needing the tax hike to cover a 2014-15 shortfall to needing it to cover future costs.

Business manager Leonard Pryzwara noted the proposed budget sets aside 0.15 mills for debt service, and suggested an annual increase along those lines to cover future repair or construction costs. A mill is a $1 tax on every $1,000 of assessed property value. The current tax rate is 15.22 mills. A 2.9 percent increase — the maximum allowed at Wilkes-Barre Area this year by state law — would raise the rate to 15.921 mills.

Read more: http://timesleader.com/news/local-news-news/1472721/Talk-of-W-B-Area-tax-hike-shifts-to-needs-for-the-future

Allegheny County Receives Upgraded Credit Rating

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

Allegheny County’s credit score has gotten another boost.

Financial rating agency Standard & Poor’s issued a news release Monday saying that it was upgrading the county’s long-term rating by one step, from an A+ to AA-.

The upgrade gives Allegheny County its highest rating in nearly 12 years, the county announced today in a news release.

“This is great news for Allegheny County and really reflects that we are heading in the right direction and making headway in improving our financial outlook,” County Executive Rich Fitzgerald said in a statement. “I am really proud of the job we have done in improving the fund balance, having an end-of-year cash balance, reducing reliance on one-time revenues for our budget and working cooperatively to address the issues that have impacted our bottom line.”

Read more: http://www.post-gazette.com/business/2014/01/28/Allegheny-County-receives-upgraded-credit-rating/stories/201401280148#ixzz2rjtZjmzr

Why The School District Of Lancaster Is Financially Thriving When Similar Districts In Pennsylvania Are Failing

Times are tough for urban school districts in central Pennsylvania.

Saddled with stagnant tax bases and serving large numbers of low-income and special-needs students, they’re struggling to stay afloat in the face of steep cuts in state and federal education funding.

But School District of Lancaster isn’t experiencing the economic woes of its neighbors.

The school districts in York city and Harrisburg have been declared “financially distressed” by the state, which appointed financial recovery committees to develop radical plans to keep them solvent.

Read more: http://lancasteronline.com/article/local/842996_Why-the-School-District-of-Lancaster-is-financially-thriving-when-similar-districts-in-Pennsylvania-are-failing.html#ixzz2RoBpQLeT

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