North Wales Borough residents’ wallets can breathe a sigh of relief — there is no tax increase in the 2023 budget, according to The Reporter.
North Wales Council adopted the $9.3 million budget unanimously last week. The current millage rate remains at 6.0 mills, which was increased in last year’s budget, per the report.
A major capital expense in the 2023 budget includes the $3.2 million renovation of the borough-owned former St. Luke’s United Church of Christ property, acquired in 2016, per the report.
The budget, per the report, shows about $2.5 million in unencumbered funds and about $3 million in the reserve fund. At present, borough staff wants to reinvest the monies in the reserve fund through various CDs but rising interest rates may call for the borough to pull funds early, per the report.
“If we have a year where we are able to save money, and/or not expense as much as we anticipate, then we can put more into our capital reserves and/or our capital improvement funds,” said borough Manager Christine Hart in the article.
Read more on the North Wales budget and its fee schedule here.
See also:
Towamencin Supervisors Approve Land Development Plan for Wawa at Sumneytown and Forty Foot
Hatfield Township Proposed 2023 Budget Carries No Tax Increase
Towamencin Supervisors Proposing 25% Property Tax Increase for 2023
Montgomery Township Residents Sound Off on Proposed Penn Medicine Ambulatory Healthcare Center
Towamencin Officially Names New Township Manager
