Murrsyville recently completed a fiscal health checkup and came through with a clean bill of financial health.
According to an internal fiscal health analysis, released last week by the administration, since 2012 revenue from earned income taxes has surpassed revenue from the real estate levy as the primary source of municipal revenue.
According to finance director Diane Heming, the report shows a major shift in household income, as the median household income increased $39,990 between 2000 and 2015.
“The distribution of income has shifted to a wealthier population with the majority of residents earning between $100,000 and $150,000 in 2015 compared to $50,000 to $74,999 in 2000,” the report states. As a result, since 2012, earned income revenue exceeds real estate tax revenue as the main source of funding for the municipality.
Over the past 15 years, revenues based on earned income taxes grew at an average annual rate of 2.41 percent, while income from real estate taxes grew at an average annual rate of 1.08 percent. Assessed property values have increased by 11.2 percent since 2000.
While the overall population has increased by 1,309 people, the largest increase occurred in ages 65 and older and the largest decrease came between the ages of 5 and 14.
The report sums up the Murrysville’s population demographics this way:
“This is the first aging population of Murrysville. The 2010 census indicate a large increase in residents 65 years of age and older and a large decrease in children under five years old. By the year 2020, over 3,000 residents will have reached retirement age, which could potentially impact the municipality’s earned income revenue.”
While the financial trends have been positive, the trend toward an aging population raised the concern of chief administrator Jim Morrison. “From a planning point of view the increasing age of our population is scary. We are trending to the older side. We need to begin to look at what we need to do to attract younger families. What services are geared toward them?” he told council.