Thursday, October 20, 2005

More Red Ink



Luzerne County is facing another hole in it's budget and the Commissioners have decided to borrow another $14 million using some creative accounting. As outlined in the TL this years shortfall is a result of a failure to collect about $6.5 million in taxes over the last 2 years and not getting together the paperwork in time to refinance existing debt that would have saved over $8 million. I suppose this is some sort of progress as they borrowed $17 million last year to pay the bills. Put this new loan on top of all the other borrowing they have done for capitol improvements and pretty soon most of the county budget is going to be used for debt service.

2 comments:

Doctor Rick said...

Im always amazed how huge budgets are handled so irresponsibly. Turkey Hill could handle the money better.

Pope George Ringo said...

LUZERNE COUNTY IS A JOKE--IT SEEMS THAT NO MATTER WHO IS IN POWER THERE IS NOTHING BUT GRAFT. A PLAGUE ON ALL THEIR HOUSES! AND YOU CAN TAKE THAT TO THE VATICAN!!