Development News for Chester, Pennsylvania

City Finance Committee Reviews Year-End Financials, Pension Liabilities, and ARPA Fund Status

The Finance Committee received an update on the year-to-date financial results through April. The General Fund, with a budget of over $62 million, is currently slightly unfavorable by $379,000. Revenues are slightly favorable, largely due to increased permit fees from new projects. Expenses are unfavorable due to several one-time events, including snow removal costs ($150,000), higher permit costs ($225,000), and absorbed highway costs ($200,000) for electrical and street light expenses. The city has approximately $20 million in operating cash, exceeding the best practice of two months' worth of cash on hand, and has collected nearly $900,000 in delinquent funds. The presentation also detailed significant pension and Other Post-Employment Benefit (OPEB) liabilities, with $128 million in pension liability and a projected $341 million OPEB liability. The city's pension assets have grown significantly, increasing by 37.1% over two years, reaching $74.5 million.