Coatesville officials laud accurate financial reports
For the first time in months, Coatesville City Council received a monthly finance report that shows the city budget alongside the city’s actual expenses. Interim Finance Director John Marcarelli presented the January financial report to council and reported that expenditures and revenues are about as expected. He said he would like to deliver the reports to council members earlier so they see the finances for the previous month instead of the current two month delay. The departmental breakdown of the financial report may make it easier to determine what kind of shortfall the city will face and how much it may need to borrow from its trust fund. City Manager Gary Rawlings said at the last council meeting that the city would need to borrow once again from the fund. He did not indicate an amount.
Source: Daily Local; 3/27/2012
Budget proposal reflects 1.7% tax hike in West Chester Area
West Chester Area school officials passed a preliminary budget Monday evening for the 2012-13 school year that reflects a 1.7 percent tax increase. The board chose not to raise taxes for the current year but decided to move forward with the balanced preliminary budget at this time because of increasing costs that are out of its control. The biggest challenges for the district include a decrease in funding from the state and dramatically rising costs for teacher pension contributions. The situation is further complicated by flat real estate revenue and an increase in the cost of health care. According to district administrators, the current tax rate for the district is 18.36 mills, which was the same rate as the 2010-11 school year. A mill is $1 in tax for every $1,000 in assessed property value. The tax rate needed to balance the budget is 18.67 mills. This would equal a school property tax rising from $3,486 to $3,544 for the average resident with an assessed property value of $190,000. Further discussion on the budget will be included in the April meeting of the board’s property and finance committee, with the final adoption set for a school board meeting on April 30.
Source: Daily Local; 3/27/2012
West Chester planners urge council to accept garage plans
After years of legal delays, the West Chester Borough Planning Commission has urged Borough Council to accept final plans for the New Street Parking Garage project. Council plans to vote on the recommendation at its meeting in April. Plans for the project began again in fall 2011 after a three year legal battle delayed the project. According to Borough Manager Ernie Mcneely, the university will have to pay an additional $317,700 to developers, the Harman Group, for revised and updated fees because of the project’s three-year delay. Mcneely said construction on the project will not begin for some time, and that final architectural and land-development plans still must be completed. The New Street Garage was proposed to be a 452-space, three-story garage built on an existing university parking lot.
Source: Daily Local; 3/28/2012
Updates on East King Street development in Malvern
Demolition work has already begun on the east side of Malvern. Developer Eli Kahn said he wants to redevelop the borough’s post-industrial east side into a vibrant residential and retail swath that he calls “a walkable environment … a better environment to work in.” The venture will produce 25,000 square feet of office space with “quality residential” space above it and expanded parking below and outside in the next 18 months. The residential space will be initially introduced as rental units, but in the future they may be converted and sold as condominiums.
Source: Daily Local; 3/22/2012
