This table depicts the mill rate from the last decade. The education and general tax has fluctuated between 8 and 9.7 mills since 2008 and can not exceed the 10-mill cap. The Annual Bond Debt Retirement tax does not apply to the cap, as voters approved it.
Finance Director Jody Tow is confident education and general taxes in Petersburg will not go above the mill rate cap of 10 in the coming years.
In the last decade, the mill rate has fluctuated between 8.5 and 9, but has never reached 10 like it did in 2007, according to Borough documents.
In the 2018 fiscal year budget, the education and general tax rate increased slightly to 9 due to the Borough being conservative, Tow said.
"We want to stretch out the balance of the secure rural school funds for as long as possible," Tow said. "Therefore we are using less of this fund and more from property...
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