Luzerne County Council heard two unpleasant updates Tuesday: the deficit grew to an estimated $10.1 million at the end of 2013 and repayments have skyrocketed on an inherited 2006 debt refinancing package.
The deficit increased because spending exceeded revenue by $6.4 million last year, said Andrea L. Caladie, a CPA with Baker Tilly Virchow Krause, LLP, during a draft audit summary presentation.
The fund balance is now a negative $10.1 million because the county carried over a $3.7 million deficit from 2012, she said.
The audit was due June 30 under the county’s home rule charter. County Budget/Finance Division Head Brian Swetz has blamed staffing shortages on delays compiling information the outside auditors needed to complete their work.