BASA money could bring growth, stability
On Friday, March 24, we learned that Butler soon could receive more than $100 million from the sale of Butler Area Sewer Authority to Pennsylvania American Water, and that financial advisers from NexTier Wealth Management claimed that money could change the city.
The financial boon that will come from Butler’s half of the $231.5 million sale, and Will Baker, an adviser with NexTier, said the city could allocate the money into three categories: current, core and strategic.
Several projects, such as the ongoing streetscape project and housing and street paving costs, were offered as examples for outlets for the incoming funds.
Mayor Bob Dandoy said the money will give the city some extra room when planning future budgets, a benefit all on its own.
“Those are the things that relieve that pressure in the budget, and we still hope in perpetuity that down the road people are still enjoying the fruits of that labor,” Dandoy said. “The right investments will bring great positive growth to our city.”
Though the BASA sale was uncomfortable for some, the idea that officials are seeking counsel from several advisers about where to direct the money comes as welcome news.
Even for those who were not entirely on board with the sale, the potential benefits it could bring to the city and, by extension, the county, can’t be denied. Everyone could use a financial cushion these days, and more money in the budget is always superior to being strapped for cash.
On the horizon, the city will hear from three additional financial advisers, after which the city council will likely vote to hire one or more of them to help the city manage the money.
We hope the sale profit brings the growth the council and the citizens of Butler are currently hoping for.
— CM