The city is in the process of preparing the selection of financial companies as part of a new strategic financial management plan.
The plan, announced at a recent city council meeting by Mayor Derek Slaughter, is considered by Slaughter to be ” since a long time “ as part of its commitment to ensure financial transparency within municipal administration.
Slaughter said the next step in the process will be to set up interviews with each of the companies that have submitted a proposal.
“Interviews are conducted jointly with the city having a representative of the State’s Department of Economic and Community Development as part of the interview process,” he said. “From there, we select a financial company.
The program is guided by a philosophy that sets out five specific steps a local government, like Williamsport, can take to manage its financial situation and achieve or maintain long-term economic viability, Slaughter said.
These five measures are: reducing expenses; improved income; implementation of a long-term economic development strategy; adopting best management practices to achieve operational efficiency and pursuing intergovernmental cost-sharing strategies.
The development of the financial plan the city is about to embark on is divided into six stages: an assessment of the financial situation; an analysis of financial trends; a contingency plan for the current exercise if necessary; a management audit; a multi-year plan strategy and a multi-year plan implementation.
Such financial planning and financial security should help municipal government better meet its obligations to the citizens and taxpayers of Williamsport, Slaughter said.
Asked about the plan, which was approved without dissent by council, council chairman Randall J. Allison said the city met with department officials early last year before the pandemic hit and shut down the program at the state level.
“They were and still are very supportive of Williamsport going through this process,” Allison said.
“Now that the program is back and running, administration and council expect things to move forward very soon,” Allison said.
No more than $ 33,000 is needed from town towards the game. The money should come from a block community development grant, some use of River Valley Transit funds and, if necessary, liquid fuel financing.
This program provides matching grant funds to help municipalities develop comprehensive multi-year financial plans and establish short- and long-term financial goals, Slaughter said.