Wilkes-Barre City Council Voted to Borrow Up to $52 Million to Restructure
WILKES-BARRE — The Wilkes-Barre City Council voted to borrow up to $52 million dollars to restructure their budget deficit during Thursday night’s meeting.
Mayor Tony George cautioned council that they needed to approve the borrowing plan, otherwise he would declare the city financially distressed.
The council opted to avoid that status due to the crushing blow it would cause for residents, since entering a distressed status almost certainly leads to huge tax increases for citizens.
The council opted to approve the Mayor’s borrowing plan by a 3 to 2 vote.