Philly Suburb Cities Feeling the Pinch
"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."