DCED Awards Grant to Altoona to Aid Act 47 Financial Recovery Process

Mar 21, 2013, 12:13 ET from Pennsylvania Department of Community & Economic Development

HARRISBURG, Pa., March 21, 2013 /PRNewswire-USNewswire/ -- Department of Community and Economic Development (DCED) Secretary C. Alan Walker announced today the award of a $519,000 Municipalities Financial Recovery Act Grant to Altoona to support the implementation of new technologies that will help the city implement its financial recovery plan.

"This grant will promote fiscal accountability in Altoona through the implementation of new technologies and upgrades," Walker said. "The continued implementation of the fiscal recovery plan and the ongoing guidance and support that Act 47 provides will be a vital asset for the city."

The $519,000 Municipalities Financial Recovery Act Grant funding will address three areas of fiscal concern for Altoona: increasing the efficiency and effectiveness of information technology; upgrading the tax administration software; and executing a detained housing strategy and Downtown Investment Plan Study.

The Municipalities Financial Recovery Act Grant is available to municipalities currently in DCED's Act 47 program and is administered by the Governor's Center for Local Government Services. The grant will help Altoona achieve efficiencies that will reduce costs, improve tax collection, increase revenues, and strengthen the overall operations of the city.

Altoona was declared fiscally distressed in May 2012 and is the 27th Pennsylvania municipality to enter into a recovery program under Act 47 since the law was enacted in 1987. To date, six municipalities have successfully exited Act 47.

Act 47 directs DCED to provide oversight and develop a formal partnership with municipalities that are experiencing financial distress to ensure that taxpayers receive necessary and vital services. Pennsylvania's oversight includes fiscal management, technical assistance, planning and financial aid, with emphasis on long-term fiscal management improvements, service delivery efficiencies, intergovernmental cooperation, and economic/community development initiatives.

For more information on Act 47 or to download a copy of the financial recovery plan, visit www.newPa.com or call 1-866-466-3972.

Media contacts: Edward Jordan, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development