No tax increase in new Summit Hill budget
Summit Hill Borough Council on Monday adopted its 2013 budget and stated it won't have to raise taxes.
In addition, it agreed to refinance $2.4 million in construction indebtedness which will result in a minimum of $60,000 in savings to the borough.
The borough won't know the exact interest rate for the bond resale until Wednesday, but it is stipulated the refinancing can't occur unless there is at least a $60,000 savings.
On a related note, councilman Jesse Walck said the borough was advised that its credit rating has been upgraded from Triple-B to "A" by Standard & Poor.
The budget is based on 16.1 mills. This includes 14.1 mills for the general budget, 1.5 mills for street lighting, and 1/2 mill for fire purposes.
Income for the new budget is listed at $1,427,240, which is about $115,000 higher than the 2012 budget.
Expenses are project at $1,356,126, which are only $54,000 higher that the past year's budget.
As a result, there's potential for a balance of $71,114 at the end of the year.