JACKSON TWP — There will be no tax increase for Seneca Valley School District residents this coming school year.
The school board approved the 2018-19 final budget of $136.5 million Monday with no property tax rate increase. This is the first time since the 2009-10 school year that the budget has not required a real estate tax hike.
The millage rate will remain at 126 mills, although the value of a mill is expected to increase to $592,645 thanks to new real estate added to the tax roll. That is a 2.7 percent increase in the value of a mill from the current year.
The increase in the value of a mill will generate about $1.9 million more for the school district in 2018-19.
The budget includes $128.5 million in revenue, which is a 3 percent increase over the current year’s budget, and $131.5 million in expenditures, a 3.6 percent increase from the current year. There is also $3 million in the fund balance being used to balance the budget.
The district also will transfer $5 million into the capital reserve fund.
For a homeowner with an assessed value of $24,696, the tax bill will be about $3,112. The assessed value of $24,696 equates to a market value of about $228,685, the median home value in the school district.
The school board also approved a bond issue not to exceed $22.8 million to fund possible future construction projects.
The board is working with two architecture firms on designs for a new aquatics center on the secondary campus and a new kindergarten to grade six building that would possibly replace Evans City Elementary and Middle School.
The new bond issue will not affect the school’s annual budget because it would keep the yearly debt service at around $10 million, which is its current level.