GENERAL
Local congressmen weigh in on economic stimulus package
Each of the congressmen from the Alliance’s four-county territory agrees that President-elect Barack Obama is correct in wanting to quickly enact an economic stimulus package, but they have different ideas about what the package, after it has made its way through Congress, should look like.
· Rep. Jim Gerlach (R-6th) said he's enthusiastic about seeing funding arrive for "shovel-ready" infrastructure projects. One thing he would likely oppose, he said, is using the remaining $350 billion from the 2008 $700 billion financial stimulus for additional bailouts of the financial system.
· Rep. Patrick Murphy (D-8th) wants to ensure bailout accountability. “We have to be a bulldog on our dollars” said Murphy. The U.S. House of representatives attempted Thursday to compel the Federal Reserve to disclose more information about four firms that will administer a key portion of the government’s bailout plan. One of the amendments was courtesy of Murphy.
· Rep. Joe Sestak (D-7th) believes the stimulus package should contain about $750 billion in spending, an amount he said is roughly equal to what the GDP is estimated to lose in 2009 and 2010 if the government doesn't take action. Such a loss, he said, would lead to Depression-level unemployment. Sestak said that because job numbers are likely to get worse before they get better – with or without a stimulus package – unemployment insurance should be a major part of the plan.
· Rep. Joe Pitts (R-16th) was less enthusiastic about infrastructure spending, and cautioned that the government cannot "spend its way to prosperity." He said he would like to see President Bush's 2001 and 2003 upper-class tax cuts made permanent so that the "drivers of the economy — the job creators and investors — face less uncertainty.”
Source: Daily Local; 1/12/09, and The Intelligencer; 1/16/09
BUCKS COUNTY
Quakertown school budget already in the hole for 2009-2010
School board members in Quakertown are scrambling to resolve an initial $4.8 million shortfall in the $84.5 million 2009-2010 proposed budget. The administration is recommending drawing $4.1 million from the district’s reserves, which would put the reserve fund at a $0 balance but give officials time to work on balancing the budget. Under a state-set cap, the district is allowed to increase taxes by 4.1 percent, or 5.14 mills before requiring voter approval. For a home assessed at the district average of $28,000, the tax bill would increase by $148 to $3,762. Officials will continue to work on fixing the shortfall with the preliminary budget up for adoption on Feb. 12.
Source: The Intelligencer; 1/09/09
Central Bucks residents can expect tax increase
The Central Bucks School District ’s preliminary budget of $279.8 million for 2009-2010 represents a 4.67 percent increase over the current spending plan. As a result, officials expect to increase taxes at or below the state’s Act 1 limit of 4.1 percent, which would add approximately 4.5 mills to the current rate of 110.5 mills. If taxes are increased by 4.5 mills, the average homeowner in the district could expect a property tax increase of about $180.
Source: The Intelligencer; 1/14/09
Haycock taxes increased for first time in 47 years
Residents of Haycock Township will see their tax rate jump from 1.5 to 2.5 mills in 2009 – the first time the township has increased property taxes since 1962. The average homeowner in haycock will pay about $75 instead of $37.50 in 2009.
Source: The Intelligencer; 1/15/09
Quakertown officials lobby for rail line funding
Quakertown Borough officials have drafted letters to Sens. Arlen Specter (R) and Robert Casey (D) as well as U.S. Rep. Patrick Murphy (D-8th) about the need to restore passenger rail service between Quakertown and Lansdale . With the incoming Obama administration pushing for an $800 billion economic stimulus and recovery plan that would impact a variety of sectors, borough officials are hopeful that the estimated $115 million local rail project could fit the bill for funding approval. The plan calls for using a 21-mile-long line between a station in the village of Shelly , just north of Quakertown, to Lansdale, where passengers could then transfer trains and continue to Philadelphia .
Source: The Intelligencer; 1/15/09
CHESTER COUNTY
Oxford schools budget includes 5% tax hike
Oxford Area School District has come up with a preliminary budget for the coming school year that shows a 5 percent real estate tax increase, but the school board would like to see another $600,000 cut to bring the tax bite down to 3 percent. The 5 percent tax increase would be enough to fund a $54.6 million budget, while homeowners would pay an additional 1.4 mills in taxes. The new proposed budget is a 3.2 percent increase over the current fiscal year total, but less than the first budget proposal.
Source: Daily Local; 1/16/09
Chester County sells $118 million in bonds
Chester County sold $118 million in bonds this week, refinancing a portion of its overall debt to cut costs and restructure its financial obligations for future capital projects, including open-space preservation. The bond sale was the first municipal sale of the year in the United States , and resulted in a lower interest rate for the county that one official said will produce “huge” savings. The rate, no more than 4.8 percent over the course of the 20-year bond issue, will save the county about $10 million. The bond sale will allow the county to phase in $200 million in capital projects in the next five years, and stabilizes debt service rates that had been variable from past bond issues. The county’s current financing plan contemplates a new bond issue of about $40 million in the second half of 2009. One of the key points that the bond market took into consideration was the county’s Aaa rating from Moody’s Rating Service, one of the strongest of any county in the country. In a statement to the county, Moody’s said “the Aaa rating reflects the county’s solid financial management, sizable and diverse tax base, strong socioeconomic profile, and manageable debt position. The stable outlook reflects Moody’s expectation of continued sound financial performance driven by conservative budgeting practices and timely tax rate increases.”
Source: Daily Local; 1/9/09
Avon Grove school district facing first property tax increase in 5 years
The Avon Grove School District 's streak of five years without a tax increase is likely to end as the district faces falling revenue for 2009-10. A resolution to opt out of the state's accelerated budget approval requirements was delayed recently because it would limit the district to a real estate tax increase of 5.4 percent for the coming school year. For now, the school board is unsure it can balance the budget without finding a half-million dollars more than that increase would produce.
Source: Daily Local; 1/15/09
Downingtown School officials discuss growth options
The Downingtown Area School Board decided Wednesday night to consider relocating some students to the Downingtown Educational Center on a temporary basis until a third middle school is built in order to resolve overcrowding issues. About 1,270 students attend Downingtown Middle School and 1,493 attend Lionville Middle School , according to district spokeswoman Pat McGlone. The desired capacity per building is 1,350 students. The move, if approved, would not come until the fall of 2010. Click here to view a copy of the school district's growth management report.
Source: Daily Local; 1/16/09
DELAWARE COUNTY
REALTOR commentary needed: Norwood interior inspections
Norwood Borough recently expanded its Certificate of Occupancy inspection requirements to include interior inspections. Click here to access the revised inspection checklist and fee schedule. In addition, the Suburban REALTORS Alliance has recently received complaints from real estate professionals working in Norwood Borough relating to the conduct of the borough’s code enforcement office. REALTORS are encouraged to provide written commentary to the borough regarding these changes to John Johnston via fax (484) 494-8403 or email johnejohnston@rcn.com by Monday, January 19. Additional questions or comments may be directed to the Suburban REALTORS Alliance at sra@suburbanrealtorsalliance.com.
Upper Providence sewers on horizon
The reality of public sewers is on the horizon for Upper Providence , with the possibility of construction this year. Township Engineer James Kelly said the Secretary of the Commonwealth is close to signing certification for Upper Providence to become a member of the Central Delaware County Authority (CDCA). Newtown and Edgmont townships are also part of the expanded membership in CDCA, an independent, nonprofit agency that assists 12 other municipalities with the installation and operation of water and sewer service.
Source: Daily Times; 1/12/09
Delaware County sells $30 million bond issue
Delaware County Executive Director Marianne Grace said the county “did very well” on the market Thursday when it sold a $30 million bond issue that will go toward construction costs of a new $115 million Major League Soccer stadium in Chester . Grace attributed the good showing at market to the county’s “AA” rating with Standard and Poor’s Ratings Services and “AA2” rating with Moody’s Investors Service. Both indicate a very strong ability to meet financial commitments. S&P also recently revised its rating outlook on the County’s general obligation bonds from “stable” to “negative,” however, citing a depletion of county reserves and lack of a clearly defined plan to address recent budget imbalances. Grace was not surprised to see the negative outlook, noting the county was able to develop the budget reserves throughout the end of the 1990s and mid-2000s, but was forced to dip into it in order to avoid a tax increase in the 2009 budget.
County property taxes increased in 2008 by 8.42 percent, adding about $49 to the tax bill for the owner of a property assessed at the average $131,000.
Source: Daily Times; 1/16/09
MONTOGMERY COUNTY
Redistricting plan moves forward in Lower Merion
After months of deliberation and controversy, Lower Merion School Board officials have approved a redistricting plan that would bus some students to Harrington High School , despite living within walking-distance of Lower Merion High. Redistricting is needed in Lower Merion because 70 percent of the township’s families live in the heavily settled eastern end near Lower Merion High. The school district defends the plan, arguing that it balances out student population while causing the least amount of disruption for the 2,150 high school students throughout the district. The only possible impediment to implementing the redistricting plan could be 32 complaints filed with the Pennsylvania Department of Education over the last year by residents, alleging that minority communities have been unfairly singled-out. For more details about the district’s plans, please go to: http://www.lmsd.org/
Source: The Philadelphia Inquirer; 1/14/09
Hatboro approves cell tower at athletic site
Hatboro Council voted to approve a 130-foot T-Mobil cellular tower on the same property as Hatboro’s Little League Fields. As part of the agreement, Horsham Township officials would also have to sign off on the project, as the fields are located in the township. If approved, Hatboro would receive $2,000 a month from T-Mobil for the duration of the 5-year lease. Some of the money would be spent to aid in the upkeep of the six fields.
Source: The Intelligencer; 1/14/09
Horsham grants preliminary approval for controversial development
Horsham Township council granted preliminary approval to Orleans Homebuilders for a 40-acre development near Welsh and Mann Roads. The project has been in the planning stages since 2000, but residents have delayed approval by arguing that the planned development’s proximity to the Pennypack Creek presents environmental issues.
Source: The Intelligencer; 1/16/09
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