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Moody’s warns of bankruptcy in Scranton as city faces $20 million budget gap ( Penna )
PA Independent ^ | November 11, 2013 | Eric Boehm

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... Moody’s 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,” Moody’s warned.

...

Adding to Scranton’s financial woes is the need to borrow another $28 million to pay a court-mandated settlement with the city’s 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 ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events; US: Michigan; US: New Jersey; US: New York; US: Pennsylvania
KEYWORDS: bankruptcy; debt; default; firefighterunions; moodys; pension; pensiondebt; policeunions; scranton; unfunded; unions

1 posted on 11/11/2013 3:08:11 PM PST by george76
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To: george76

Send Slow Joe back to fix it.


2 posted on 11/11/2013 3:11:54 PM PST by Paladin2
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To: george76

Dominoe effect caused by, encouraged supported and planned by the gov.


3 posted on 11/11/2013 3:20:30 PM PST by ronnie raygun
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To: george76

A wise man once said, ‘There ain’t no party like a Scranton party, ‘cuz a Scranton party never stops’.


4 posted on 11/11/2013 3:26:22 PM PST by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: Paladin2

Home of the assclown vp. This city has been in the clutches of the left for a long time and this is what happens.


5 posted on 11/11/2013 3:32:08 PM PST by Busko (The only thing that is certain is that nothing is certain.)
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To: george76

The Office - I Declare Bankruptcy!

http://www.youtube.com/watch?v=hiCilTzhXrA


6 posted on 11/11/2013 3:40:51 PM PST by TurboZamboni (Marx smelled bad & lived with his parents most his life.)
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To: Paladin2

They are all libs anyway they love Casey.


7 posted on 11/11/2013 3:56:06 PM PST by angcat
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To: P.O.E.

No surprise here. The city is mafia run.


8 posted on 11/11/2013 4:09:00 PM PST by randita
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To: angcat

Both VP Biden and Hilliary Clinton wee born in Scranton along with great Lonny Davis...A great city be well away form.


9 posted on 11/11/2013 4:16:27 PM PST by bondsman (Bondsman)
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To: george76
That's what she said.
10 posted on 11/11/2013 4:20:13 PM PST by Rodamala
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To: bondsman

wiki (know it’s not 100% correct) Hillary Diane Rodham was born at Edgewater Hospital in Chicago, Illinois.


11 posted on 11/11/2013 4:22:14 PM PST by nascarnation (Baraq's 3rd term: squaw Warren? Lord help us!)
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To: george76

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!


12 posted on 11/11/2013 4:25:48 PM PST by BatGuano (You don't think I'd go into combat with loose change in my pocket, do ya?)
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To: randita

http://www.onewal.com/maf-b-sc.html

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.


13 posted on 11/11/2013 6:08:52 PM PST by P.O.E. (Pray for America)
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To: bondsman
It's a sh-t hole and Hillary and Biden have not been a part of Scranton for 50 years. They just drop by there to make all the leftards feel important.
14 posted on 11/12/2013 6:33:31 AM PST by angcat
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