Warminster Township has received preliminary offers from North Wales Water Authority and Aqua America to purchase the Township’s water system as well as preliminary offers from Bucks County Water and Sewer Authority and Aqua America to purchase the Township’s sewer system.
The Township had previously contracted with financial advisors PFM to review the Township’s financial position. Based upon the results of this financial analysis, Warminster Township is facing Act 47 (the Pennsylvania program for municipalities facing financial insolvency/bankruptcy). The offers received by the Township for the water and sewer system were analyzed to account for the following:
• Allow for appropriate funding of pension and OPEB trust
• Keep the overall tax/fee burden reasonable
• Significantly increase fund balance and ensure future financial flexibility
• Lock in a clean water supply beyond the current agreement with NWWA
• Be legally defensible
The PFM prepared financial projections through 2026 on the current financial path can be found here.
In order to achieve these goals and maintain solvency, Warminster Township staff recommended the sale of both the water and sewer systems.
PFM prepared a summary chart analyzing Township options found here.
All analysis, scenarios and backup documentation to determine the financial impact of any of these scenarios can be found here.
The presentation at the August 15, 2019 Board of Supervisors meeting can be found here.
At the Board of Supervisor meeting on August 15, 2019, the Warminster Board of Supervisors authorized and directed Township staff and professionals to take all necessary actions to negotiate with North Wales Water Authority to sell the Township’s water assets, and Bucks County Water and Sewer Authority and Aqua America to sell the Township’s sewer assets, with final agreements to be brought to a future meeting for Board ratification.
The video of the August 15, 2019 Board of Supervisors meeting can be found here.
The Township is holding additional public information sessions on the Township’s financial position and potential sale options at the following times:
Thursday, September 12, 2019 at 2:00 PM
Thursday, September 12, 2019 at 6:00 PM
Questions? Please direct all questions to Gregg Schuster, Township Manager at email@example.com