Pennsylvania Department of Community and Economic Development (DCED) secretary Dennis Davin has named Econsult Solutions, Fairmount Capital Advisors, and McNees Wallace Nurick as the coordinator for developing and implementing a recovery plan for the Borough of Colwyn.
“This team of more than 15 professionals will bring objectivity and experience that will help the Borough of Colwyn emerge from its current financial struggles,” Davin said.
“Each member of the team brings their own area of expertise to address Colwyn’s financial issues and their knowledge of a full range of municipal government issues will be a great asset to the borough.”
Econsult Solutions and Fairmount Capital Advisors have extensive experience as leaders of management and financial advisory services with experience across the country.
Under Act 47, the coordinator is responsible for working with borough officials, employees, DCED and the broader Colwyn community to develop a comprehensive recovery plan that address all areas of municipal operations. The plan will recommend improvements to Colwyn’s organizational structure, financial administration, debt situation, municipal service levels, intergovernmental cooperation and overall economic base.
Econsult Solutions, Fairmount Capital Advisors, and McNees Wallace Nurick will have 120 days from contract execution to develop and propose a recovery plan to the mayor, borough council and DCED. The recovery plan will also be subject to a public hearing and comment. Following the adoption of the recovery plan, the Coordinator will then help the borough implement the recommendations.
Act 47 of 1987 directs the Commonwealth 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.