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Borough reports sharp drop in delinquencies, moves to cap insurance exposure and advertise retirement-option ordinance
Summary
Council heard a treasurer's report showing delinquent balances falling from about $1 million in February to roughly $140,000, approved a one-time insurance payment approach to cap future overages, and authorized advertising an ordinance to let nonuniform employees increase voluntary PMRS contributions.
The borough committee heard a finance update Tuesday showing a marked reduction in delinquent accounts and approved steps to limit short-term insurance exposure as staff continue work on next year's budget.
The treasurer (Speaker 4) told the panel that cycle 2 billing went out Nov. 1 and that the borough's delinquency rate had fallen to about 15 percent from 24 percent the previous quarter. "From February, there were over $1,000,000 delinquent and now we're down to $140,000," Speaker 4 said, a decline council members called significant.
Why it matters: lower delinquencies improve operating cash flow and reduce pressure on…
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