Franklin budget back on track

FRANKLIN — Franklin's budget is back on track after a recent tax sale boosted the third quarter tax collection rate in the borough, officials said Tuesday.
According to Councilwoman Dawn Fantasia, the tax sale bumped the collection rate for third quarter taxes up from 93.25 percent in September to 96.3 percent as of Tuesday night.
“Right now we are actually in fairly good shape,” Fantasia said. “I think it was a collective effort, but it really is looking a little different than it did just a few months ago.”
In September, Fantasia warned the council of potential trouble after a Finance Committee review of the tax collection rate found the figure steadily dropped through the first three quarters of the year.
At the time, Fantasia said a collection rate of around 97 percent was needed to meet the borough's 2016 budget projections, but noted both the second and third quarter rates had fallen below that target. Though the collection rate in the first quarter stood at 97.99 percent, Fantasia said last month the collection rate for the second quarter slid to 96.68 percent and dropped further to 93.25 percent in the third quarter ended Aug. 31.
As of Tuesday, however, Fantasia reported the Borough had met or exceeded both its first and second quarter tax collection goals and was very near meeting the mark for the third quarter. The third quarter tax collection rate is expected to increase further as lien holders make payments for back taxes on properties purchased in the tax sale earlier this month, she said.
While the Borough is out of danger for now, Fantasia said she would like the Finance Committee to continue its monthly review of the borough's budget.
“I think (the review) has really been helpful in guiding the council in making purchasing decisions, and moving forward I thought it was a great idea,” she said.