Knox Borough Council earlier this month gave preliminary approval to a $1,189,119 general fund budget for 2023 and leaves taxes at their current levels. Final adoption is expected in December.
The borough’s real estate tax is set at 10 mills.
The borough anticipates starting the new year with $815,000 in reserve cash; various tax streams are expected to raise about $238,850; intergovernmental revenues are anticipated at $11,801; $2,000 in interest earnings; and $2,000 in payments in lieu of taxes.
The borough’s state highway aid budget for 2023 is balanced at $54,340.
The borough’s sewer budget for 2022 is balanced at $863,599.
Also carrying into 2023 are the water line replacement projects along South Main and Petrolia streets.
Those two projects will receive about $514,239 in loans and $807,711 in grants for a total of $1,321,950 in revenues with total expenditures estimated at $1,421,950.
The $100,000 difference has been budgeted to come from the borough’s general fund.
During council’s regular business meeting, council member and budget and finance committee chair Melissa Pierce noted revenues from the real estate transfer tax, building permits and interest earnings were all up significantly this year.
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