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NASB Budget Calls For Tax Hike
The Norristown Area School board is looking at a preliminary budget that calls for more than $129 million in spending and a real estate tax hike of nearly seven percent in the new school year. As it stands now, the budget has a shortfall of about $5 million because outside funding sources are drying up. Federal stimulus funding is ending, Montgomery County is not making a $400,000 Payment in Lieu of Taxes for its One Montgomery Plaza office building, and state funding is uncertain, but probably shrinking.