Banks Township residents are looking at their first property tax increase in 25 years in the township’s 2024 budget.

Saturday morning, the township supervisors approved a $357,373 spending plan that calls for an increase in property tax millage from 1.1 mills to 1.9 mills. Supervisor Charles Schalles said the budget is balanced.

Supervisor Chairman William Nice Jr. said based on $50,000 of assessed valuation, it will be about $40 more per year. The tax hike will give the township an extra 15,000.

The township will begin the year with a fund balance of $85,000, and expected income of $272,373.

The biggest revenue generator for the township in 2024 will be earned income tax, anticipated at $90,000. Garbage is expected to bring in $85,000, and the Local Services Tax $18,000.

Operating expenses is the category that represents the largest portion of the spending plan, $143,000. Garbage collection at $72,000 and insurance at $25,000 are the biggest operating expenses.

Highways is the next most expensive category at $97,000. Of that, $47,000 is set aside for road work in 2024. The highway aid budget carries over $32,000 from 2023, with anticipated income of $33,000. The supervisors plan to spend $35,000 of that on streetlights in 2024, leaving a $30,000 balance at the end of the year.

General expenses are next at $58,218, public safety at $40.567. municipal property at $15,000 and tax collection at $8,100.