Norristown's Updated 2012 Budget Adopted

Norristown Municipal Council met for the final time last night at to adopt the 2012 budget and approve the new tax rate, binding insurance coverage, deposits to the police and firemen pension funds and a few last minute disbursements.

Here's what was in the final budget council approved:

General Fund Revenues and Reserves

Property Taxes – $10,666,900

Other Taxes – $7,817,000

Licenses, Fines and Permits – $2,963,183

Interest and Rents – $27,300

Solid Waste Collection and Disposal – $2,376,000

Miscellaneuous Revenues (including Local, State & Federal Funds) – $3,181,362

General Fund Reserves – $931,732

Working Capital Loan – $352,231

Total Revenues and Reserves – $28,315,508

General Fund Expenditures

General Government – $21,943,265

Solid Waste Collection, Disposal and Administration – $2,376,000

Total General Fund Expenditures – $24,319,265

Debt Service Transfer to Debt Service – $3,966,243

Principal Payments – $2,878,988

Interest Payments and Expenses – $1,117,255

Total General Fund Expenditures & Debt Service – $28,315,508

Restricted Liquid Fuels Budget

State Funding – $534,113

Restricted Reserves – $409,387

Total Liquid Fuels Revenues and Reserves – $943,500

Liquid Fuels Expenditures Street Lighting Expense – $300,000

Road Program – $643,500

Total Liquid Fuels Expenditures – $943,500

Tax Rate Norristown's millage rate will increase 3.43% from 11.95 mills to 12.36 mills. According to , the average homeowner in Norristown with a home assessed at the $95,000 average will pay $39 more in taxes next year.

According to The Herald, council managed to decrease spending for next year $1,105,402 from the 2011 budget and have been able to significantly reduce the municipality’s overall debt in the past five years.

“We paid down $8.8 million in net principal debt in the last five years,”Finance Director Richard Zawisza told The Herald. “Paying down that debt is significant compared to borrowing $352,000 in debt in the coming year.”

Council also approved payments to the police and firefighter pension plans – $367,556 for firefighters and $947,605.21 for police – and disbursements to the general fund ($15,317.33) and for community development ($23,412.38).

Read more of The Times Herald's coverage of the budget approval here.