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CFO: Lower Merion projects $85M spending and shrinking fund balance without policy action
Summary
Chief Financial Officer Adam Chomsky told the finance committee the township projects $82.5M in revenues and $85.0M in expenditures for 2026, which would draw the fund balance toward about $21M (roughly 25% of expenditures). He warned of a projected Solid Waste Fund deficit of over $1M and outlined capital financing options.
Adam Chomsky, the township’s chief financial officer, presented a midyear financial forecast that shows both revenue gains and spending pressures. He said 2025 actuals were $78.2M in revenue and $78.8M in expenditures (a roughly $600,000 operating deficit) and that the 2026 projections currently track to $82.5M in revenue and $85.0M in expenditures.
"We're currently projecting revenues of 82,500,000, expenditures of 85,000,000, which would further draw fund balance down to about the $21,000,000 range or 25% of expenses," Chomsky said. He flagged revenue strength in business and transfer taxes but noted parking revenues and health-care refunds are underperforming relative to budget. Chomsky also described higher overtime and storm-related rental costs, employee‑benefit increases, and vacancy trends that will influence year‑end positions.
Chomsky said the Solid Waste Fund in particular is operating at a projected deficit of over $1,000,000 for the year and will be discussed in greater detail at a mid‑September presentation. He outlined a CIP financing need of roughly $24M through year end 2027 and explained staff is exploring single versus two-issuance debt strategies, including a potential bank‑qualified option.
