Hazleton Moves To Save Money On Fire, Police Pensions

Downtown Hazleton, PA (Photo credit: Wikipedia)

HAZLETON, PA — The city council approved use of a 75 percent amortization option to calculate its 2015 Minimum Municipal Obligation for the city’s non-uniformed, fire and police pension plans on Tuesday.

Don Williamson, ASCO Financial Services Group president, said although the city status as a distressed city has progressed from Level 3 to Level 2, it is still eligible to contribute to its MMO at a discounted rate for the years 2015 and 2016.

The move will save the city over $1 million dollars per year.

Councilman David Sosar inquired as to whether this would result in an increased financial burden to the city in upcoming years, to which Williamson replied, “I really don’t think so.”

Read more: http://www.timesleader.com/news/local-news/50460903/Hazleton-moves-to-save-money-on-fire-police-pensions

Scranton Eyes $20 Million In Borrowing And Second Dedicated Tax Hike For 2013

Scranton City Council on Thursday unanimously introduced a $21 million bond ordinance to fund new debt and an increase in mandatory pension contributions and refinance old debt.

While the introduction was unanimous, council had questions about the bond proposal and agreed to ask administration officials to attend an upcoming caucus to explain it.

Mayor Chris Doherty wanted council to adopt on an emergency basis this legislation and another ordinance for a dedicated tax increase to pay for $9.75 million in unfunded debt, council President Janet Evans said.

However, because council received the ordinances late Wednesday, she said, council and its solicitor, Boyd Hughes, had not had enough time to review them and refused to enact them on an emergency basis – which requires introducing, advancing and adopting them all at the same meeting.

Read more:  http://thetimes-tribune.com/news/scranton-eyes-20-million-in-borrowing-and-second-dedicated-tax-hike-for-2013-1.1401050