Hatboro-Horsham School Board Approves 2023-2024 Final Operating Budget:
The Hatboro-Horsham School Board approved the 2023-2024 School Year Final Budget at its June 19, 2023 School Board meeting, a spending plan that will continue to help the district provide high quality education programs at a reasonable cost to the community.
Like most years since the inception of Act 1, balancing the budget within the Act 1 index has been very challenging. District officials had to contend with rising inflation and the threat of an economic downturn. These challenges exacerbate existing annual concerns with budget development, including contractual salary increases, rising costs to educate students with special needs, and state-mandated increases in retirement contributions and charter school tuition. With support from the School Board coupled with a commitment to prioritize needs, effectively reallocate existing resources, and a consistent effort from the Administration and staff to implement strategies that improve efficiency and reduce costs, the Final Budget enhances our educational programs, increases wages for our outstanding administrators, professionals, and support staff, improves services to our students, parents and the community, and provides resources necessary to maintain and improve our facilities.
Since the inception of Act 1 in 2007, the Board of School Directors has balanced the budget within the limits of the base Act 1 Index without seeking exceptions. Over the past 16 years, the average annual tax increase has been limited to 2.3%, which is below the average base index of 2.7%. This year, under the terms of Act 1, all school districts were required to keep their real estate tax increases at or below the state index of 4.1%. Through continued conservative fiscal management, Hatboro-Horsham was able to keep its proposed real estate tax increase at 3.68%.
The Final 2023-2024 spending plan totals $126,735,864, an increase of $5,117,044 (4.2%) from last year’s budget. To balance the Final Budget, the School Board agreed to raise the millage rate from 31.49 to 32.65, an increase of 3.68% percent. The School Board directed the Administration to continue to utilize $4,300,000 of reserve funds to balance the budget, the same amount as has been used in past budgets. The new millage rate will mean the average Hatboro taxpayer’s real estate bill will go up by $141.80 while the average Horsham taxpayer’s real estate bill will go up by $213.58.
Prior Years Budget Documents: