The New Hope Borough Council approved a $3.91 million budget Dec. 19 that increases spending by about 6 percent.
By Linda Seida, Staff Writer
NEW HOPE — Property owners will see their local real estate taxes remain stable in 2008.
The Borough Council approved a $3.91 million budget Dec. 19 that increases spending by about 6 percent, or $221,103.
Among other things, the increase is due to a $70,000 federal grant awarded for a commuter rail feasibility study, more than $40,400 to prepare a comprehensive plan and more than $25,800 for the police pension plan, bringing the borough’s contribution to the plan to $47,560.
”It’s a good budget,” council President Richard Hirschfield said. “It’s a balanced budget with no tax increase.”
In 2008, a property assessed at the borough average of $47,400 would pay $460.97 in local real estate taxes, based on the rate of .009725 mills, the same as in 2007.
One mill in 2008 is estimated to equal $58,517.
With the passage of the 2008 budget, real estate taxes in the borough will remain the same for three consecutive years.
Looking ahead, property owners can expect an approximately $85 tax increase in 2009 or 2010 because of a $2.5 million bond fund proposed for 2008 to pay for part of the purchase price and the renovation of a former Roman Catholic church on New Street into borough offices and community space.
Future debt service is expected to be offset by $60,000 in parking revenue from the site’s 80 spaces.
In the 2008 budget, the general fund increased by slightly more than $400,000, or 6.93 mills. This is a decrease from 7 mills in 2007.
The street lighting fund will increase from .725 mills to .795 mills or $46,306. The fire protection fund will remain steady at 1.5 mills or $85,932. Also remaining steady are the library fund and the ambulance and rescue fund with .25 mills or $14,322 allocated to each.
Anticipated revenue includes $320,000 from parking meters, $800,000 in grants and $376,200 from motor vehicle code fines. Business licenses bring in almost $59,000, and permit fees add more than $85,000.
Other major sources of expected revenue include $610,000 from the earned income tax, $240,000 from the real estate transfer tax and more than $95,000 from the business privilege tax.

