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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.
Here is a simple explanation of what a “Structural Operating Deficit” is:
A Mom and Pop with 2 elementary school kids inherited $100,000 seven years ago. They placed the $100,000 in a savings account for college expenses for the kids. Mom and Pop both worked to make ends meet.
For the past 7 years they spent more than they earned
They have options. They can both get second jobs and they can get jobs for the kids. Ridley Park does not have those options.
A few of the easiest options Ridley Park has are:
My assessment of the situation is Ridley Park reached the brink of the Norwood abyss in 2007. Extraordinary assistance to the borough manager provided by unpaid council members, extraordinary financial measures and a little bit of luck were required in 2008 and 2009 to make ends meet.
In 2010 there are many ways to improve the financial stability of the Borough. They all take a concerted effort by involved Residents and Taxpayers of Ridley Park and prudent fiscal management of Borough finances by Councilors and the Manager. Concerned Republicans, Democrats and all other residents of Ridley Park need to:
In the forth episode I will show revenues from taxes and service fees. Don’t we already pay too much in taxes? To recover from the period from 2001 to 2007 and on the current path, the answer is a resounding no!!!
In subsequent episodes I will address what I believe are the primary roots of the problem and what I believe are the essential elements of a solution.