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

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.…

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…

Episode 7 Debt Growth and Debt Service Part 1 of 2

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…

Episode 5 Primary Operating Expenditures

Safety & Sanitation

In all the Municipalities I studied the largest expenditure…

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.…

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.…

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…