The $39.5 million 2013 budget was finalized by the City of Newark at the town council meeting last night.
The budget includes a one-and-a-half percent increase in property taxes or around $7 per average home.
There will also be a slight increase in electric rates with $11 for the average home which will go up on July 1st.
There was still just under $175-thousand but was down 60 percent from projections 2012.
Newark Mayor Vance Funk told WDEL that he hopes to find funds by the end of 2012 that could replenish the city‘s diminished cash reserves.
There’s also $4 million in capital improvements for 2013.
