Skip to comments.Moody’s warns of bankruptcy in Scranton as city faces $20 million budget gap ( Penna )
Posted on 11/11/2013 3:08:11 PM PST by george76
Scranton could be headed towards another fiscal crisis like the one that resulted in city workers having their pay cut to minimum wage in 2012... Moodys warned investors that Scranton could be facing the threat of default or bankruptcy thanks to a $20 million budget gap for the fiscal year that begins Jan. 1. The city is supposed to approve a new budget by Nov. 15, which would have to close that deficit to balance the budget.
A similar crisis hit the city in July 2012, which lead to Mayor Chris Doherty cutting all city workers pay to minimum wage for several weeks, a move that made national headlines.
A second liquidity crisis could have more severe effects, including additional defaults, Moodys warned.
Adding to Scrantons financial woes is the need to borrow another $28 million to pay a court-mandated settlement with the citys police and firefighter unions.
Scranton also faces more than $100 million in unfunded pension debt, on top of the $195 million in other debt owed.
(Excerpt) Read more at watchdog.org ...
Send Slow Joe back to fix it.
Dominoe effect caused by, encouraged supported and planned by the gov.
Home of the assclown vp. This city has been in the clutches of the left for a long time and this is what happens.
The Office - I Declare Bankruptcy!
They are all libs anyway they love Casey.
No surprise here. The city is mafia run.
Both VP Biden and Hilliary Clinton wee born in Scranton along with great Lonny Davis...A great city be well away form.
wiki (know it’s not 100% correct) Hillary Diane Rodham was born at Edgewater Hospital in Chicago, Illinois.
Way to go Scranton! Give up early, don’t solve your union problems, just give up. Set an example for the rest of the country. Proud to not be from Scranton, PA! SHEESH!
THE AMERICAN MAFIA - Crime Bosses of Pittson
This Mafia family sprang up in the northeast Pennsylvania coal mining communities of Pittston, Scranton and Wilkes-Barre. The group also had members in nearby New York state, western New York, NeW York City and the Philadelphia area. At times, the family’s territory blended with that of the Buffalo crime family. The Pittston organization was always very close to the Genovese organization in New York.