Our city is twice as broke as everybody thought
Wednesday, September 8, 2010 at 09:50AM The grim news:
Reading's projected year-end deficit will nearly double, to $17.2 million, as earned-income tax revenues are falling way under budget, overtime expenses are higher and the city paid on a loan with money it doesn't have, outside consultants told City Council on Monday.
The higher deficit - well over the $9 million earlier projected - means the city will have to borrow $17.2 million just to meet its bills this year.
It also will have to add another $900,000 to next year's budget to begin paying off the loan, said Gordon Mann, senior consultant for the team. The state-hired team created the city's Act 47 financial recovery plan and now is helping implement it.
Really, is there any way Reading can dig its way out of this hole? It's the poorest city in the nation, and the chronically unemployed residents can't afford higher taxes. And the few that can will move out. Casino gambling anyone?
Local News 


