Save Scranton’s Bankruptcy Campaign Catches Wells Fargo’s Eye

Last week, Wells Fargo’s Natalie Cohen, was prompted to take a look into Scranton’s financials. Her interest was due to Save Scranton’s recent campaign to put Scranton bankruptcy on the ballot for public vote. An initiative that has never been attempted but nevertheless is making waves throughout the municipal debt community.

Scranton’s Fiscal Woes

The paper details how Scranton’s fiscal issues are due to a legacy of increased cost of government. The report explains that Scranton’s total debt is approximately $519 million dollars! This includes a total liability of $375 million dollars as well as a estimated unfunded liability for non-pension post retirement benefits of $184 million. The report recommends the same thing that Save Scranton has been championing since its inception- taking advantage of advances in innovation, sensible tax policies and a renegotiation of the city’s pensions.

Moving Forward

It is clear that the recommendation for the city is to move forward with sound policy. This includes a complete overhaul to the status quo that has existed in Scranton. It is amazing to see that Scranton has now caught the eye of others(outside). We now have allies aboard Save Scranton’s mission to revitalize Scranton. When I first started Save Scranton, I promised that I would make Scranton’s fiscal situation national news. I have yet to fail to deliver on my promises.

 

Report can be viewed here: populism-pensions-and-municipal-distress-102516

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5 thoughts on “Save Scranton’s Bankruptcy Campaign Catches Wells Fargo’s Eye

  1. Keep it Rollin’! As much as I love Scranton…..it’s gonna take some really ‘Tough Love’ to make her healthy again!

  2. Just watched one of the council members being interviews on WNEP:

    Is there any truth to councilman Pat Rogan’s claim that bankruptcy would result in less local control and higher taxes for the residents of Scranton?

    • It would be ridiculous to insist Scranton pay more taxes. The bankruptcy would open the books and provide much needed transperancy. There is already a report that explains that Scranton is doomed unless is makes drastic changes some of which includes lowering taxes. Thus, to be clear, our bankruptcy initiative is to get taxes lowered.

  3. What do you expect when you make it so hard for local businesses and just higher taxes on residence?! Will that ever help?!
    Wanna save Scranton? Make it extremely easy and help businesses grow in scranton, lower taxes for them. More business means more working residents, More income tax to the city from the workers and the companies. Once there is an income, start investing that the area should look decent. Once the area looks upper class, you have upper class people living here, more business and you stabilize the aconomy sooner then you think…

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