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Trust Fund Withdrawal ... AGAIN?
At the Nov. 9 meeting, council approved the second reading and adoption of an ordinance for $1.5 million withdrawal from the trust fund. The money will be used to balance the city's budget.
Council also decided it will have a joint public meeting at 7 p.m. Nov. 16 with the city's Redevelopment Authority. The authority is requesting council withdrawal $7 million to pay for the authority's debt.
State officials and a report, known as Fairmont Capital Advisors Early Intervention Program, have warned the city against overreliance on the trust fund. The report states that a minimum of $20 million should be in the fund at all times.
At the end of October, the fund had $21.9 million. The $1.5 million withdrawal and a potential $7 million could bring the fund down to approximately $13.4 million.
Do you think it's prudent for council to continue taking money from the fund?
Council also decided it will have a joint public meeting at 7 p.m. Nov. 16 with the city's Redevelopment Authority. The authority is requesting council withdrawal $7 million to pay for the authority's debt.
State officials and a report, known as Fairmont Capital Advisors Early Intervention Program, have warned the city against overreliance on the trust fund. The report states that a minimum of $20 million should be in the fund at all times.
At the end of October, the fund had $21.9 million. The $1.5 million withdrawal and a potential $7 million could bring the fund down to approximately $13.4 million.
Do you think it's prudent for council to continue taking money from the fund?
posted by Danielle Lynch at
7:58 PM
11 Comments:
No it is not prudent to continue taking money!
They need to enfore codes and fine violators heavily. This would bring much needed money into the picture.
They need to persue a suit against Matthews for breach of contract.
Robyn Scott and Other Council members need to not get paid for the work they did not do.
Reduce general pay of EVERYONE over a certain amount, and reduce workdays to 6 hours. Heck, the employees of Coatesville would still be making more than if they were on unempployment, and the city would HAVE MONEY!
I'm amazed ! Where did 7 mil RDA $ go ? Considering nobdoy will even come into this town for a non-sect 8 rental, we will soon see many more problems. I pay $6000 in taxes per yr for a public relations director ? I'll go down with the town but only cause my heart and soul have been put into this 68 yrs in the family property !!!!!!!!!!!!!!!!!!!
HEY WHILE WERE AT IT, CAN I GET A MIL FOR MYSELF?
Perhaps tax payers could be tapped to pay the bill. A one time head tax of about $650 per Coatesville resident would about cover the $7 million. We hardly pay any taxes here anyway. (Can you read the irony in my voice?)
The RDA should be separated from the city, and declare bankrupcy. Walker should be removed from the RDA and the additional salary he receives from the RDA should be cut off. His pay as city manager should include working for the RDA.
I feel sorry for the newly elected members of city council. They are inheriting a mess worse than the previous group.
Personally, I would sell and move, except homes in Coatesville City are loosing value faster than the municipalities surrounding us. I can't afford to sell my house, if I could find someone who wants to own a home in the city.
Is Coatesvile hopeless?
Can anyone tell me where I find the actual breakdown of where that $ went. Salaries, property owned , LAWYERS etc ?
The city council hasn't received financial information. What makes anyone think that anyone else will get it.
Go Harry go !!!!! Well , why is this not being investigated by the DA or state or somebody ?
To find out information on salaries
and lawyers,& property owned go to City Hall fill out a Right to Know form.They have to tell you what ever you want to know.
But they won't
Harry is lining his pockets before someone with some brains comes in and gets him out of a job he should have never had. Did anyone realy check his background?? I don't think so!!
It is extremely interesting for me to read the article. Thanks for it. I like such themes and anything that is connected to this matter. BTW, why don't you change design :).
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