No tax increase included in Seneca Valley budget
JACKSON TWP -- Although Seneca Valley will fill more than 43 positions in the next school year, the 2022-23 budget approved by the school board Monday night does not include a tax increase.
Next year’s $161.6 million final budget represents a 6% increase over the current budget, which included a 2% tax increase when approved last year.
The nearly $4.1 million budget deficit will be covered by the existing fund balance.
Included in next year’s budget expenditures is a transfer of $7 million to the district’s capital reserve fund, which superintendent Tracy Vitale reminded board members must be used on capital improvement projects.
Seneca Valley continues to spend the most on instruction, which accounts for almost $100 million in expenses, or roughly 64.5% of the budget.
Instructional support services come in second, at almost $41 million, or 26.5% of the budget.
Regarding revenues, income from local sources is up 7% in the new budget and represents more than 73% of the budget’s total revenue.
Revenue sources from the state are up 5%, and will fund roughly 25% of the budget next year.
Federal sources of revenue are down about 2.5%, and will fund just 1.46% of expenses.
The value of a mill in Seneca Valley increased to $673,234, which is an increase of almost 6% over last year.
That increase largely is due to the expiration of the Westinghouse tax abatement deal.
The school board voted unanimously on Monday to approve the 2022-23 budget.