SMETHPORT — The Smethport Area School directors had good news for district residents Tuesday evening when they unanimously adopted the 2020-21 general fund budget of $15,978,096 with no tax increase.
The real estate tax remains at 19.27 mills.
On similar votes of 6-0, with three directors absent, the directors also agreed to retain the two per capita tax levies as permitted under Section 679 of the Pennsylvania Public School Code and Act 511 of the state legislature respectively, as well as the one percent wage tax and the one percent levy on real estate transactions.
At this meeting, the directors also approved two resolutions, which allowed the district to balance the budget by using $350,000 from the district’s Public School Employees’ Retirement System account and and an additional $77,975 from its debt service designated fund balance. Even with these transfers, Superintendent David London and Business Manager Sue Jordan agreed that both these accounts remain in very good financial condition.
The district also used $100,000 of the unassigned fund balance in preparing the new spending plan.
For those district residents approved for the Homestead/Farmstead Exclusion for 2020, the assessment exclusion is $110,141 providing a savings of up to $195.42 on their real estate tax bills.
