Oil City School Budget Contains Deficit, But No Tax Hike

May 14, 2013

The Oil City Area school board Monday gave approval to a preliminary $29-million budget proposal that would contain no real estate tax increase, but which presently holds a deficit of about $1.3 million.

Several adjustments are expected before the board takes a final vote on the spending plan.

The district carries a reserve fund balance of about $4-million.

Meanwhile, the school board learned Monday that the homestead exemption for district landowners will remain at about the same rate as last year – a little more than $280, a total which will be reflected in eligible property owners’ tax bills.

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