POTTSTOWN, PA — The public got its first look at the proposed $38.3 million borough budget for 2014 on Wednesday night and saw a projected deficit of more than $330,000 — the rough equivalent of a 4.3 percent property tax increase.
Finance Director Janice Lee made the budget presentation, but did not identify how the administration will propose to close the deficit, which her presentation spreadsheet pegged more specifically at $332,308.
Other than a property tax increase, options for closing that budget gap could include additional revenue from other sources or decreased expenses.
Asked after the meeting how much of a tax hike would be needed to close that gap, Lee declined to speculate and noted that the administration has not yet made a recommendation to borough council, whose members listened to the budget presentation Wednesday night but asked no questions.
Read more: http://www.pottsmerc.com/general-news/20131107/facing-43-tax-hike-pottstown-working-to-close-330k-budget-deficit