Municipal Financial Recovery Advisory Committee_PA DCED's Fred Reddig: "The City's cash position will deteriorate as we move into the fourth quarter and turn negative sometime, in all likelihood, in November."

Click to View

PA's Department of Community & Economic Development's Fred Reddig gives a summary of the City of Harrisburg's current financial status. Despite a recent influx of $2.5 million from the Commonwealth for fire protection and $250,000 from the Harrisburg Parking Authority, the City is struggling to make its September payroll and other payables. It's anticipated there is enough money to make it through this next month; however, DCED foresees the City running out of money in November. It was stated Harrisburg will see a year-end deficit of $11,340,577. The cumulative deficit for 2012 is projected to be $14,717,921, which includes all liabilities and a rollover deficit from 2011.---Tara Leo Auchey

 
Tags: CREDC, Dave Black, Municipal Financial Recovery Advisory Committee, Receiver William Lynch