Office Of The Mayor
Thomas M. McMahon


PRESS RELEASE

For Immediate Release

For More Information:
Office of the Mayor 610-655-6234
Office of the Aging 610-478-6500

MAYOR ANNOUNCES CITY OF READING REDUCTION IN DEFICIT

August 3, 2006: Mayor Tom McMahon announced today that the audit performed for the City of Reading shows that the City has cut its deficit by $6.1 million. The audit is to be presented to City Council at its next meeting on Monday, August 14, 2006. by Herbein and Company, the City’s independent auditing firm.

Mayor McMahon stated that “This is good news for the City of Reading. The forecast that the Pennsylvania Economy League gave us in 1999 and again in 2003 showed an increasing amount of structural deficit with rising employee costs. We continue to spend more dollars for police and fire services but through considerable financial reassessment and the increase in the real estate transfer tax, we have been able to recoup some of the losses and get some breathing room. This is cause for optimism but we cannot get complacent as we continue to search for ways to contain costs and plan for the City’s financial well being.”

Managing Director R. Leon Churchill echoed the Mayor’s remarks. “The City must continue to be disciplined in its spending to allow for the continued shortfall due to the $750,000 yearly assessment for the Wastewater Treatment Plant. I am proud of the Department Directors for upholding their commitment to a balanced budget.”

View the City of Reading’s Management here (Adobe PDF).