Lansford Borough Council will start reviewing consultant proposals for a financial assessment and five-year financial plan in August.

The requests for proposals under the state Department of Community and Economic Development’s Strategic Management Planning Program are due Aug. 1.

Council decided to move forward with program after meeting with a DCED representative in May, and ratified a resolution for the program in June.

The borough is eligible for a 50/50 matching grant up to $200,000 to hire a financial consultant under the program. The borough’s match, or share in the cost of the plan, could be reduced based on financial hardship.

Council President Bruce Markovich said that the borough expects to submit a financial hardship letter to DCED to seek help with the match. Depending on the final cost, council will decide whether or not to move forward, he said.

The RFP describes Lansford as a community of 4,100 residents with an average income of a resident at $17,942, more than $10,000 below the state average. The median family income is $33,174, which is more than $20,000 below the state average.

Nearly 24% of the borough’s residents are below the national poverty level and the current unemployment rate is 7.9% — 3.6% above the state average, the RFP said.

The median value of a home is $42,300, and the state average is $197,000, and 40% of the borough’s current housing stock is considered substandard and 30 housing units are condemned and under consideration for demolition, the RFP said.

The borough’s chief source of revenue is real estate tax on properties, and the current rate is 37.5 mills, which is above the state maximum of 32 mills. The current tax default rate is 19.4%.

Outside of grants, the borough’s pooled income is $1,550,068 with the largest expenses being police, $726,075, streets department, $382,000 and general government, $276,656.

According to the borough’s RFP, the consultant will perform a financial condition assessment, establishing a baseline by reviewing all of the borough’s funds and financial data for the past four years.

The assessment will also include a financial trend analysis, which will project future revenue, expenditures, economic and demographic trends for at least three years to allow the borough understand its financial position and counteract negative trends.

The borough will also perform a management audit of all of its departments and operations with assistance from the consultant. The audit will provide a view of the borough’s most critical operational needs and recommend structure, command, scheduling and staffing to address deficiencies.

The borough is specifically requesting a review of its investments, employee work agreements, police contract, street department employee contract, accounting software program, health care costs and borough ordinances seeking more business-friendly rules, the RFP said.

Also sought are long and short-term investment opportunities for income and working capital, opportunities to increase income through means other than taxes, projected budget increases versus available income at three and five years, and new program to assist with recruiting and retaining volunteers for emergency services.

The consultant will provide a multiyear plan for the borough to implement, and may also provide an emergency plan for the current year, if financial analysis shows a critical cash flow that would impact the health, safety or welfare of residents.

The multiyear plan will lay out the borough’s top three financial management priorities and provide a detailed action plan, including budgetary impact and timing and deadlines.

The consultant will then publicly present the financial analysis, management audit and five-year plan to borough council in November and an implementation schedule presented the following month, according the RFP.

The time frame is subject to change.