According to Moody’s, “The A3 rating speaks to the fact that the city has opted, for the past several years, to rely on a cash inflow from its utility sale in 2013 to sustain operations rather than correcting a long-standing, considerable, structural operating imbalance. The A3 rating also highlights that while the structural imbalance persists, the city's current reserves, though narrowing, are still in line with similarly-rated cities in the commonwealth.”
Mayor Ray O’Connell said, “Moody's has affirmed our A3 rating, and we share the concerns raised in the outlook. The 2019 city budget now under development will be proactive in addressing these concerns and will establish a solid fiscal foundation for subsequent years.”
Some $7.5 million was taken from reserves to balance the 2017 and 2018 city budgets. Reserves have also been used to remedy a malware attack on the city’s computer systems and pay legal fees to defend lawsuits filed against the city.
4 comments:
Another example of the damage Pawlowski did. He was so intent on setting himself up for his next political office that he ignored his actual job, running the city of Allentown. And we all get to pick up the pieces in his aftermath.
10 years wouldn't be enough for that POS.
Thank You Father !
Keep voting for those all-caring Democrats just like you always do, Allentown.
Well hopefully he isn’t considering layoffs because public works and parks would be gutted and the city can barely keep up with the snow now at current staffing it seems. It would be like the year when the water Dept was sold and they lost all those extra trucks.
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