Nanticoke, May 29, 2020 – State Senator John Yudichak (I – Luzerne/Carbon) announced today $100,000 in funding through the Department of Community and Economic Development’s (DCED) Strategic Management Planning Program (STMP) for the City of Wilkes-Barre.
The city will use the STMP Phase IV funding to continue the multi-year financial planning work begun under the initial Early Intervention Program (EIP) grants. The funding will also be used to maintain the city’s financial consultant, PFM.
“Along with the state, I remain committed to providing the necessary resources and assistance to help the City of Wilke-Barre continue its multi-year financial recovery plan,” said State Senator John Yudichak. “I look forward to working with Mayor Brown and the city council on working towards the city’s ultimate goal of financial revitalization.”
The following scope of work has been prepared by PFM and city staff, which outline the steps forward for the project.
- Updating and extending the multi-year financial projections and related analysis
- New projections will assist the mayor and his administration to set the agenda for budget balancing efforts.
- Development and implementation support for new action plan initiatives
- The city needs a new set of initiatives to tackle the remaining and emerging financial and operational challenges.
- Financial monitoring
- The city has used STMP funding to enhance financial reporting, particularly for cash flow and budget-to-actual performance. Those reports provide useful information to the mayor and his administration, but they also help communicate the city’s progress and challenges to key stakeholders, including DCED, city council and credit rating agencies.
“The City of Wilkes-Barre would like to thank both the state and Senator Yudichak for once again helping us secure funding to help with our long-term financial objectives,” said Wilkes-Barre Mayor, George Brown. “It’s great to have a partner like Senator Yudichak who is working hard just like we are to bring back our city.”
The funds will be administered through the STMP and will be used to continue the multi-year financial planning work done by the city under the initial phases of the EIP. 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.
Contact: Brad Hurley (firstname.lastname@example.org)