CHAMBERSBURG, Pa. - Two mills would balance the 1998-99 Chambersburg Area School District budget, but a 4-mill increase in real estate taxes will help the district set aside cash for major projects in the future, according to Superintendent Edwin Sponseller.
The $53.3 million preliminary budget was reviewed by the school board Wednesday night. It represents an increase of slightly more than 3 percent over the current year's budget of $51.7 million.
The board is scheduled to give tentative approval to the budget April 22.
The 4-mill increase, if approved, will raise the district's mill rate to 124.5 mills, according to Business Manager George W. Fike. Each mill represents $176,611 in tax revenues, he said.
A mill is $1 for every $1,000 of assessed property value.
The tax increase would raise property owners' tax rates about 3 percent next year.
The increased mill rate would raise revenues from all sources to almost $52 million with anticipated expenditures for 1998-99 of $51.8 million. According to the budget outline, the district would have a budgetary reserve of approximately $1.5 million.