The man who has been in charge of fixing Chester’s financial difficulties for five years and who ultimately declared Chester bankrupt is resigning as state receiver for the city.
Michael Doweary announced Thursday he was resigning to take a position as chief financial officer at his alma mater, York College, writes Anthony Wood for The Philadelphia Inquirer.
Doweary described his departure as “bittersweet” but said the York opening “is an opportunity I couldn’t pass up.”
Doweary is a former York City administrator, and his new position gives him “a chance to go home.”
Chief of Staff Vijay Kapoor has been appointed to succeed Michael Doweary on July 1, pending court approval.
Chester went into state receivership in April 2020 when the city’s police pension fund was so depleted it only had two months’ worth of checks.
The police pension fund can now cover the next three years.
The city also has a balanced budget; no service cuts are expected in 2025.
Kapoor will continue working to bring Chester out of bankruptcy. A court decision later this year will determine if the city can sell its water assets to generate hundreds of millions of dollars in revenue.
Read more about Michael Doweary’s resignation in The Philadelphia Inquirer.
