The Methacton School District Board of School Directors voted to adopt a final budget for the 2013-2014 school year during the Board's regularly scheduled meeting on June 25, 2013. The budget includes a 1.85% tax increase, which equates to an increase of .5 mills, resulting in a proposed millage rate of 27.33.
The increase in the District's required contribution to the Public School Employee's Retirement System [PSERS], increasing special education and charter school costs combined with stagnant local, state revenues and decreasing federal funds present the greatest challenges in building the budget.
PSERS continues to be the single largest expenditure increase in the 2013-14 budget. Net of state reimbursement, Methacton’s cost increase from 2012-13 to 2013-14 for this budgetary item will increase by over $1 million.
The budget also includes the use of $595,000 of fund balance in order to balance the budget at $95,248,073. The 1.85% tax increase included in the proposed budget includes the 1.7% increase allowable under the Act 1 limit, as well as an additional .15% allowable through the PSERS retirement exception.
A resident whose home is valued at the average residential assessment of $180,767 would see a $90.38 increase in real estate taxes, resulting in a 2013-14 tax bill of $4,940.36 (over a 2012-2013 tax bill of $4,849.98).