Friends, Neighbors and Fellow Upper Merion Area Residents:
At the Monument in Valley Forge
In late August Upper Merion Township’s Aaa bond rating was reaffirmed by Moody’s. Aaa is the highest bond rating possible and Moody’s is an independent, internationally renowned financial evaluation service providing credit ratings, research, tools and analysis. Upper Merion is one of only 6 municipalities in the entire Commonwealth with a Aaa bond rating. The bullets below are direct quotes from Moody’s about our local economy, budgeting and financial management:
- The township has achieved solid general fund surpluses before transfers in each of the last six fiscal years, a strong credit positive and a primary driver of its sustained Aaa rating.
- Operations are consistently structurally balanced, with moderate growth in expenditures that is offset by corresponding revenue increases.
- Township management is capable and experienced, with a history of conservative budgeting.
This brings us to we are now – the heart of the 2018 budgeting season and for the 8th consecutive year there will be no Upper Merion Township real estate tax increase. This is the longest stretch without a tax increase in the modern history of Upper Merion. By contrast in the 25 years between 1985-2010 taxes were raised 10 times. We’ve been able to achieve this unprecedented current streak without a tax increase through strong economic growth, avoiding crucial mistakes, the elimination of the devastating golf course litigation, aggressive marketing of our community and key infrastructure investments.
During the past 2 weeks I attended two ribbon cuttings which are microcosms of why our local economy is so strong: Founding Farmers in the King of Prussia Town Center and ArcPoint Labs in the Business Park. Founding Farmers is an example of turning the lemon that was the mismanaged golf course litigation which nearly bankrupted Upper Merion into a remarkable children’s hospital, a great supermarket, a revitalized dining scene, a source of great family entertainment and an incredible economic engine. The space ArcPoint Labs now occupies was vacant for the previous eight years. Eight years. That’s how much our commercial real estate market has rebounded.
Businesses like Founding Farmers, ArcPoint Labs and many others have provided vast opportunities for our residents. This has driven down our unemployment rate from approximately 7% to 3.4% and there are currently hundreds of available jobs in our community which you can access by clicking this link. Additionally this Board of Supervisors has passed measures to support people who work in the township including an internal minimum wage for township employees and an anti-discrimination ordinance for employees and residents.
The economic activity in King of Prussia has also significantly increased the amount of revenue in our township coffers after years of stagnation. This has allowed us to make vast infrastructure investments to benefit our residents. Most visible of these are the beautiful Upper Merion Community Center which charges extremely competitive rates, a permanent home for the Senior Service Center, the establishment and subsequent improvements of the Upper Merion Township Pool which is one of the most affordable pools in the region and the Schuylkill River West Trail. We’ve also invested in less sexy improvements such as snow plows, a new website which will be unveiled soon and more.
In 2015 this Board of Supervisors received an award for excellent economic stewardship from the Montgomery County Chamber of Commerce. The Chamber knows Upper Merion’s success isn’t an accident. It takes dedication, passion and wisdom and I’m honored to serve with my fellow Supervisors Carole Kenney, Greg Philips, Bill Jenaway and Erika Spott, all of whom possess these traits to make our community an even better place to live, work and recreate.
Thanks,
Greg
