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Proposed budget holds line on taxes

November 05, 2002|by RICHARD BELISLE

waynesboro@herald-mail.com

Greencastle taxpayers won't see any increases in their borough property taxes next year under the proposed 2003 budget that was accepted by the Borough Council Monday night.

The new budget takes effect Jan. 1. It will be formally adopted following a public hearing Dec. 2. It comes in about $500,000 over the current year's appropriation.

The new budget figure of $4.7 million will be financed by a 10.6 mill tax rate, the same as this year's rate, Councilwoman W. Jean Oliver said. One mill, which brings in $30,824, represents $1 of every $1,000 of assessed property value.

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Oliver chairs the council's administration and finance committee.

The current year's budget is $4.2 million, Borough Manager Ken Myers said.

Oliver said the difference between the current and new budgets will be made up by an increase of $564,000 in property valuations, the result of new construction. The rest of the difference will come from the year-end surplus in the current year's budget.

The 2003 budget has a $9,500 general fund surplus built into it, some of which will be earmarked for the capital reserve account that the council has been trying to build up.

"This budget is very, very conservative," Oliver said.

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