The real reason for this is that Easton's credit rating has been downsized by StandardandPoors from Aplus to A. "The downgrade reflects our opinion of management's willingness to take on higher levels of risk for economic development combined with what we consider are weaker financial management practices and adequate liquidity," said S and P Global Ratings credit analyst Linda Yip. "We believe this demonstrated higher-risk appetite, reflected by the city's use of debt for uncertain economic development projects, introduces added credit risk. If liquidity deteriorates in any way as a result of the city's actions, the rating could be lowered further and by possibly more than one notch."
The report does state Easton is financially stable.
This downsize in credit rating was overshadowed by the DaVinci debacle.
In his report to City Council, Easton Finance Director Mark Lysynecky pointed out that Easton's $6.5 million bank note to MandT Bank, used to acquire Days Inn, was due in December. The City got a two-year extension, but it is taxpayers who are paying for this folly.
Lysynecky also discusses a $2.4 million "grant anticipation note." This is insane. It is extremely irresponsible to borrow the money for a grant you expect to receive.
The City will create a separate sewer transport fund, which will reduce its fund balance.
Finally, the City will seek proposals for the sale and development of the three-acre Days Inn tract. Panto is sure the City will get its money back. I am doubtful, especially since some of it is under water every few years.
There's always the High School Hall of Fame.
13 comments:
Browne needs to wright another ever changing Z law for Panto, to rape PA's tax revenue or something that effects all of PA.
Where is John Brown and Cathy Allen when we need them? Toss Pocketbook Peg in there somewhere blowing tax dollars-
June 17, 2019 at 11:52 AM
6/17/19 and we're still on John Brown and Cathy Allen? Perhaps psychotherapy would help you.
Thank you to county council for deep sixing any money for this fiasco.
Everyone wants there own one of a kind grant zone design. There are only a few that are the of this designing circus carnival traveling sideshow.
FREE summer lunches at hospital riliey claiming it's happening downtown epicentral?
The city is already in debt up to its eyebrows and now is planning to borrow again for a new parking garage. I remember a year or two ago the city refinanced a bond issue and touted that they had not extended the payoff date but now that is exactly what they are doing with the bond used to demolish the Days Inn. Then there is the shaky pension funds. I just read that over 20 firefighters will soon be eligible to retire. While I am sure they wont all go at the same time its sure to cause the city to pour more money in the pension fund. I hope all this
is brought up for discussion by the candidate opposing Panto in the general election.
Bernie , I tell my friends that the bond rating dropped because I pulled my 457 out of city control .all the sudden I’m making $5,546.00 just in my cash section . Ahhh. Nobody is perfect. I’m not eather. Ah, they won’t all retire from fire Dept at same time, but there are a couple that should be fired at the same time . “ you always got your 10 present doushbag s Zander they know who they are.- I loved that job and respect it. Along with @almost every man there . Most wonderful people. . Leadership issues strated to occur after Mayor Mitmin relieved Chief Brotzman as Chief .Chief Brotzman was also an E-9 Master Chief in Fire related MOS only one of 9 in the U.S.Navy and a reservist.I had him in charge of my second Fire school at Navy yard Philadelphia myself once . The fire Dept had 3 members that had been sent home “ kicked out “ 1967-1968 from boot camp during the Vietnam War ,when Evan after then McNamaras Morons” were allowed to be drafted , they sent the 3 ameigos home to eventually work for this city., but it was apparently ok to hire them at the fire Dept if they knew somebody. I said I would help change this after what they did to me . at the time ,and 2 became officers on the department - tThey had NoGoes ,sent home ,tile between legs NOT EVAN draft possible and they allow these people to lead the department? See no Human Resources management,and they took the job at about 3 bucks an hour ,The Chief was making $244.76 a week at the time . . So, that’s the talent they hired. Get it? That what they hired. They cost the city money in the way of non production,non producers. I sign my name because I tell the truth.
LEGAL IMMIGRANTS at NorCar Court room tomorrow’s. I celebrate them ,honor them tomorrow with my Legion Post opening seromony.. God bless them .
Thanks for what you do Peter. I will be there.
Brotzman lost the respect of his men when it came out that he told the mayor that it was OK to layoff three firefighter during a labor dispute. After the layoffs I remember of-duty firefighters protesting in front of the old city hall. He put firefighters in danger by trying to run a shoe-string operation. I remember FFers protesting at a city council meeting when he was trying to staff a truck with only one fire fighter. The fire chief serves at the pleasure of the mayor. Brotzman did the dance for 15 years but then his luck ran out. When he got canned most firefighters of that era said "see ya later".
Just because Bortzmnan was in the service it doesn't make him great, Cone on Peter, you cannot attack people because they were cut from the army. You only support military people and attack others. Do you realize that people are people and not all are good or bad based on a military background.
Anon 3:41 I don’t disagree with your statement . Brotzman wasnt just “in the service” standing around with his hands in his pockets . When I discribe him ,I’m discribing an icon ,a person of value ,trust and personal integrity. 43 years he served.
Rename Easton the turd bowl and be done with it... Turd Bowl and Pee-burg next to each other-
Post a Comment