Pottstown's borough management presented council with two versions of a $64.4 million draft budget: one that keeps library funding flat with a 5.89% tax increase to close a $724,754 deficit, and one that adds the library's full $65,000 request, raising the increase to 6.42%. For a home assessed at $100,000, the first option would add $91.92 and the second $100.16 a year in taxes. The first draft had implied a 13 to 14 percent hike, which was reduced through spending cuts, spreading some projects over two years and seeking extra revenue, as inflation pushes up energy, fuel and equipment costs. Other pressures include a 4.5% police salary increase under the current contract, an $85,000 rise in pension costs and a $1.6 million drop in total assessed property value. The police and fire chiefs both plan to retire in 2027.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: $64 . 4 million Pottstown budget draft sees 5 . 9 % tax hike , or 6 . 4 %
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