In 2012 the city of Altoona was declared financially distressed but Mayor Matt Pacifico said the city is almost back on track.
Act 47 is designed to increase the city’s revenue while reviewing budgets and taxes.
When he was elected, Pacifico said one of his goals was to take Act 47 off the table for Altoona.
Pacifico said there has definitely been progress made.
“We are on track to successfully exit the program by the end of 2017, which would make Altoona, the fastest city in the commonwealth to successfully leave act 47,” Pacifico said.
He said most recently the city was able to refinance a bond which will save the area $1.6 million.
Other projects are in the works to keep moving in the right direction, Pacifico said.
Under Act 47, all financial decisions for the city must be approved by the state.
Pacifico said he hopes once Altoona is rid of the title, the city will be a more marketable for businesses to relocate to the area and bring more family sustaining jobs for workers.