Philly Suburb Cities Feeling the Pinch

Townships surrounding Philadelphia have managed to survive the recession until now, but city coffers are now going into the red and cities are being forced to take action.

"Township finance experts repeatedly use the "perfect storm" cliche to sum up this year's predicament.

A dormant real estate market has dried up commercial and residential transfer-tax revenues, a staple of most local tills. Rising unemployment has put an added hit on earned-income taxes levied by many municipalities.

Building permits are in the tank, pension obligations are soaring, rainy-day funds are being depleted, and residents - their personal budgets similarly strapped - are in no mood for tax increases."

Full Story: Suburban governments wrestle with deficits

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