Wilkes-Barre taxpayers in for hefty surprise

According to the city’s 2013 Series Bond debt service schedule — enabling principally the $5.9 million Johnson Controls, Inc., energy efficiency project that was entered into September 2012 by a 4–1 council vote — the city will be required to make soaring balloon payments in 2016 and 2017, years four and five of the 13-year, $10 million note.

Debt service tableWhile the payments fluctuate from year to year, the most significant debt service spike to just over $3.2 million in both 2016 and 2017 may cause financial woes for city taxpayers, an open records request revealed.

E-mails and other messages directed to the city’s spokesperson, Liza Prokop, were not returned regarding this repayment schedule.

No Comments Yet.

leave a comment