2019 Proposed Budget Theme
The 2019 proposed/recommended budget theme will focus on three pressing issues:
- Balanced Budget for 2019
- Unfunded pension liability - The Borough will need to increase its uniformed and non-uniformed pension funding obligations in order to reduce this liability. The liability is $19MM. Our 2018 Minimum Municipal Obligation (MMO) is $1.7MM (net of state aid).
- Other Post Employment Benefits (“OPEB”) Obligations (Retirement healthcare for police officers). The liability is $4.0MM and in 2019 it will increase to $4.4MM.
These issues were noted in the Borough’s credit profile by Standard and Poor in 2016 during the bond refunding process as well as the Pennsylvania Economy League’s 2018 Early Intervention Program Report
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