Rankin Borough Exits Distressed Status
After more than 34 years as a distressed municipality under the Act 47 program, Rankin Borough in Allegheny County has now exited from the program and is no longer considered to be distressed. The decision was made due to Rankin’s ability to effectively use the tools offered through the program to significantly improve its financial position and manage infrastructure since entering Act 47.
Rankin entered the Act 47 program in 1989 because property values and employment opportunities had declined due to the closing of many steel mills, causing strains on the borough’s budget that lead to multi-year deficits and depleted cash reserves. Since then, Rankin has steadily improved its fund balance and experienced four years of surpluses from 2018 to 2021. Its fund balance now exceeds 25% of annual expenditures and revenues in each of the last five years.