Recent Financial Article Puts Scranton’s Debt At $1 BILLION DOLLARS!!

Last week, online financial publication Value walk wrote an article concerning Scranton’s debt that contained a startling revelation. According to the piece, Scranton is so deep in debt that it is unlikely that it will ever be able to get its fiscal house in order. The article reads:

The region’s balance sheet nonetheless isn’t pretty:

$383.9 million – 2015 city of Scranton Audited statement$195.2 million – Unfunded pension liability (assuming an 8% return)
$32.8 million  –  New bond offering, Scranton General Obligation Note
$39 million  –  New bond offering Lackawana Health and Welfare authority
$65.2 million – Country school debt
$145.8 million – School district debt
$142.1 million – Shared debt county and municipal school board

When all of these figures are put together, you get total figure of $1 billion dollars. Can the Mayor please tell me again how Scranton plans to pay all of this back? #Savescranton

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