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All Blog Posts Tagged 'municipal-financial-stress' (9)

Episode 8 - December of 2007 - Brink of the Abyss

Episode 8 - December of 2007 - Brink of the Abyss

On January 7 of 2008 the incoming Council faced a $1,855,216 deficit from prior years.

  • $333,382 of “Accounts Payable” was shown in the Auditors’ report for 2007. A file box was found in the Borough Manager’s office that contained about $300,000 of unpaid bills. See chart below for comparison to other years.…
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Added by Bill Walls on April 14, 2010 at 5:00pm — 2 Comments

Episode 7 Ridley Park Financial Stress - Debt Growth & Debt - Tax Anticipation Notes Part 2 of 2

Episode 7 Part 2 of 2 - Debt Growth and Debt - Tax Anticipation Notes

I apologize in advance for the length of this Episode but there was a lot to cover.

A Tax Anticipation Note (TAN) is issued when Ridley Park, and most municipalities in Delaware County, do not have sufficient reserve funds for payroll…

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Added by Bill Walls on April 11, 2010 at 8:30pm — No Comments

Episode 7 Ridley Park Financial Stress - Debt Growth & Debt Service Part 1 of 2



Episode 7 Debt Growth and Debt Service Part 1 of 2

The third most important mandatory expenditure that is financed by Tax Revenues, especially for… Continue

Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

Episode 6 Ridley Park Financial Stress - Reserve Fund Balance

Episode 6 - Reserve Fund Balance



The council that was in place in the 1990’s managed to build up the Reserve Fund of $1,245,835. This was achieved by holding expenditures to much less than revenues. In the long run this is not the best policy since Taxpayers are…

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Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

Episode 5 Ridley Park Financial Stress - Expenditures



Episode 5 Primary Operating Expenditures

Safety & Sanitation

In all the Municipalities I studied the largest expenditure…

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Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

Episode 4 Ridley Park Financial Stress - Revenues

Episode 4 Primary Operating Revenue Sources

The two major sources of operating revenue are Taxes and Service Charges.

The taxes and service charges you pay are shown on the Borough Taxes bill sent to you every year from the Ridley Park Borough Tax Collector.…

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Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

Episode 3, Ridley Park Financial Stress Introduction

Introduction

Ridley Park has experienced a common municipal problem characterized by a financial term known as “Structural Operating Deficit”. There are many municipalities throughout the United States that are dealing with this problem including our neighbors in Norwood.…

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Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

Episode 1 Ridley Park Financial Stress - Preface & Table of Contents

Preface

Residents of Ridley Park are customers, clients, Board of Directors, voters and taxpayers. The council members are there to serve the residents’ municipal interests. Residents have full authority to hire and fire council members – it is called…

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Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

Episode 2, Ridley Park Financial Stress - References

Added by Bill Walls on April 2, 2010 at 4:00pm — No Comments

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