Nearly two years after entering Act 47, which protects financially distressed municipalities, Colwyn is managing well and is making great strides in its money management, writes Kevin Tustin for Delaware County News Network.
Representatives from local consulting firms recently showed that the borough has been successfully funding its operations and paying off outstanding liabilities since entering Act 47. All of this without increasing real estate taxes, which are already the highest in Delaware County.
“There’s still a lot of work to be done, but we’ve taken care of some major financial woes,” said Borough Manager Christine Mason.
Before entering Act 47, Colwyn had accumulated $1 million in past due payables, or around 60 percent of its annual operating budget. Now, consultants have commended Colwyn for being on track to achieve a balanced budget.
The borough has also been praised for strengthening its financial management and bolstering its code enforcement practices.
Borough Council President Jacqueline Stevenson could not hide her excitement about the borough’s progress.
“We’ve made great strides,” she said, adding that she believes Colwyn will be the first to exit Act 47.
“I really think it’s possible,” she said.
Read more about Colwyn’s progress from Delaware County News Network by clicking here.