Shapiro Administration Awards Funding to Oxford Borough to Build Financial Resiliency

  • April 10, 2023

Governor’s budget boosts funding to help PA communities avoid financial distress

Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Acting Secretary Rick Siger announced the approval of $52,500 through the Strategic Management Planning Program (STMP) to Oxford Borough, Chester County, to help develop strategies to strengthen their financial capacity and stabilize the tax base.

Today’s announcement builds on Governor Josh Shapiro’s budget, which recognizes that having strong and vibrant communities are key to boosting Pennsylvania’s economy. The budget includes funding for several programs that invest in our communities, including a $1.25 million increase to the STMP program.

The STMP funds will be used to hire an independent financial consultant who will conduct a review of borough finances, management and operations, and prepare a five-year Strategic Management Plan. This assessment will help the borough understand their financial vulnerabilities, administrative inefficiencies, and resource deficiencies. The plan will also outline short- and long-term financial, managerial, and economic development strategies.

“Governor Shapiro is committed to making Pennsylvania’s communities better places to live and work,” said Acting Secretary Siger. “The STMP is an important tool in our efforts to create fiscal strength for a municipality. Increased funding for programs like this one will help even more communities across the Commonwealth build sound financial management strategies and successfully avoid financial distress.”

The STMP provides matching grant funds to assist municipalities experiencing fiscal difficulties to develop comprehensive multi-year financial plans and establish short- and long-term financial objectives.

For more information about Governor Shapiro’s commitment to communities and our economy, visit the Governor’s website.

To learn more about the STMP or Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.

MEDIA CONTACT:
Penny Ickes, dcedpress@pa.gov

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