State College borough council approves 2023 budget at $80.5M, with tax increase
The State College Borough council unanimously approved the 2023 budget with a property tax increase for the first time in two years.
During its meeting Monday night, the council approved the 2023 budget with the total expenditures in the amount of $80,570,898. The municipal property tax rate will increase to 19.88 mills, which is 1.623 mills more compared to last year.
According to the borough, that means a typical $300,000 (market value) home would see an increase in 2023 of about $104.26; a $500,000 home would see a $173.77 increase and a $700,000 home would see a $243.28 increase.
Those with homestead exclusions would see a reduced increase. A $300,000 (market value) home would see an increase in 2023 of about $63.69; a $500,000 home a $133.19 increase and a $700,000 home a $202.70 increase.
For the past two years, the borough opted not to raise property taxes because of the COVID-19 pandemic and its economic impact. Without an increase in 2023, that budget would have operated at a larger deficit. Borough spokesperson Kayla Lafferty previously told the Centre Daily Times that the “tax increase is necessary to help gradually get back to a structurally balanced budget.”
State College Borough 2023 budget breakdown:
- General fund, $35,740,936
- Centre Tax Agency, $1,092,665
- Insurance Reserves, $1,022,328
- Bus Terminal Fund, $39,651
- Bellaire Court Fund, $202,601
- Parking Fund, $13,142,115
- Compost Operations Fund, $1,139,533
- Sanitary Sewer Fund, $8,622,264
- Refuse Collection Fund, $5,284,889
- HOME Fund, $643,599
- CDBG Fund, $527,254
- DCED - HOME Fund, $330,000
- Capital Fund, $15,735,503
- Asset Replacement Fund, $633,375
- Fleet Services, $744, 110
- Highway Aid Fund, $2,319,065
- Interfund Transfers, ($6,648,990)
