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Franklin, Cranberry, Valley Grove School Budgets May Contain Tax Hikes; Oil City Will Utilize Reserve Fund

May 14, 2014

Unlike the other public school districts in Venango County, the 2014-2015 budget for the Oil City Area School District contains no hike in property taxes.

The proposed spending plan, currently slated at a little over $29.8 million, does represent a $1.7 million deficit.  It appears that money would come from the district’s reserve fund.  The Oil City Area School Board will take the first vote on a budget in a 7:00 PM meeting scheduled for Monday (May 19) at the Oil City High School auditorium.

Proposed budgets for three other Venango County school districts were presented for review to their respective school boards this week, and each calls for a real estate tax increase.

The Franklin Area School Board will take their first vote next Monday on a proposed $31-million spending plan.  The budget would include a tax hike of just over a half-mill, translating to about an extra $5.20 per year for every $10,000 worth of assessed property value.

In Cranberry, the school board is looking at a proposed budget of more than $18.4 million, coming with a tax increase of approximately 36-hundredths of a mill.

The Valley Grove School Board took their first look at a proposed $14.4 million spending plan.  The budget would call for a tax hike, barring any cuts or adjustments, although a specific proposed increase was not presented.  The Valley Grove board’s first vote will also come Monday.

Final votes on these school budgets should be taken in June.

Venango Weather