Lower Merion School District officials introduced the preliminary budget for 2013-14 at Monday night’s school board meeting, cautioning residents that this year’s tax increase is likely to be steeper than last year’s 1.99 percent increase.
Altogether, this year’s budget is $222,134,342, with a $7,665,709 funding gap, according to business manager Victor Orlando.
That $7.7 million gap would require a tax increase of 4.4 percent, Orlando said.
For a $250,000 home—the median household assessment in Lower Merion Township—that’s a $259 increase over last year, for a total tax bill of $6,146.
Orlando noted several major factors impacting this year’s budget, including salary increases and 16 new faculty and staff positions to accommodate enrollment growth. The district has also experienced a loss in revenue of approximately $400,000, due to a drop in assessed home values.