CLEARFIELD – The Clearfield school board voted to finalize its 2019-20 budget with a 3-mill tax increase at Monday night’s regular meeting.
The real estate millage rate will increase from 98 mills to 101 mills. One mill is projected to generate $136,326 provided that 90 percent of taxes are collected, Business Administrator Sam Maney said.
The budget calls for expenditures in the amount of $42,939,457, an increase of 1.16 percent over the current year, and revenues in the amount of $39,744,283.
The general fund balance is estimated to be $12,941,680 million on June 30, Maney said, adding that with the projected upcoming-year’s budget deficit, it’ll be about $9,746,506 on June 30,2020.
The capital projects fund budget was also approved in the amount of $1,029,000 and the cafeteria fund budget was approved in the amount of $1,543,166.
Other taxes set by the board included Earned Income Tax at 1 percent, Real Estate Transfer Tax of 1 percent and Local Services Tax of $5.