The 2013 Comprehensive Annual Financial Report for the City Allentown showed the city is on a better financial footing than previous years due to eliminating all of the city’s crippling unfunded pension liability. This was accomplished by the Water and Sewer concession lease which brought the City when the city completed a 50-year concession lease agreement of its water and sewer utility system which pumped $211 million into the City’s coffers.
“I’m pleased that in 2013 we were able to see a strengthening of the city’s financial position by realizing such a significant “Net Change in Fund Balance,” said Mayor Ed Pawlowski. “This important improvement is indicative of the extremely hard work and effort put in by all city employees to work towards this goal. This achievement also recognizes the successful efforts of City Council & the City Controller to effectively control spending and to consistently monitor activities on both sides of the ledger.”
The city continues to see new business growth and employment opportunities. Investments in the NIZ development area will provide a source of tax revenues which will ensure a more stable financial position.
The city is rated A3 with a stable outlook by Moody’s Investors Service and BBB+ with a positive outlook by S&P.
The city will continue efforts for revenue initiatives and also implementing cost control measures in order to keep the momentum of this success moving forward.
The CAFR has been published on the city’s website at http://www.allentownpa.gov.