State College Borough Council OKs $66M budget in 2022 with no tax increase. Here are the details
State College Borough Council quickly and unanimously approved the 2022 budget Monday night with no tax increases and virtually no debate.
The real-estate tax will remain at 18.26 mills, meaning the owner of a $250,000 home would have to pay $4,565 — the same as last year. And both the discount rate (2%) and penalty rate (10%) remain unchanged.
Overall, the 2022 budget was set at $65.9 million and will operate at roughly a $10 million deficit. Even with that deficit, however, State College should have an overall surplus of about $40 million at this time next year.
That surplus is saved for years when large capital expenditures — such as building parking garages — are planned.
A further breakdown of the 2022 budget:
- General Fund: $32,519,887 in expenditures ($31,669,011 in revenue)
- Centre Tax Agency: $1,027,958 in expenditures ($1,100,000 in revenue)
- Insurance Reserves: $202,050 in expenditures ($256,000 in revenue)
- Bus Terminal Fund: $52,814 in expenditures ($52,814 in revenue)
- Bellaire Court Fund: $182,924 in expenditures ($182,924 in revenue)
- Parking Fund: $6,985,241 in expenditures (6,646,804 in revenue)
- Compost Operations Fund: $1,060,234 in expenditures ($677,302 in revenue)
- Sanitary Sewer Fund: $7,776,331 in expenditures ($6,732,500 in revenue)
- Refuse Collection Fund: $4,953,112 in expenditures ($4,352,650 in revenue)
- Capital Fund: $15,162,810 in expenditures ($8,840,497 in revenue)
- Asset Replacement Fund: $971,605 in expenditures ($485,572 in revenue)
- Fleet Services: $564,216 in expenditures ($564,216 in revenue)
- Highway Aid Fund: $1,551,375 in expenditures ($936,928 in revenue)
- Interfund Transfers: ($7,084,741)
- TOTALS: $65,925,816 in total expenditures ($55,412,477 in total revenues)
More specifics on State College Borough’s 2022 budget can be found at statecollegepa.us/budget.
