Reading is now under state supervision. The Department of Community and Economic Development last week said the city is financially distressed under the terms of Pennsylvania’s Act 47.

DCED Secretary George Cornelius within 30 days will select a coordinator to draft Reading’s fiscal recovery plan. City revenue has been underperforming and a $2.5 million deficit is anticipated for fiscal 2009, the city’s third consecutive budget gap, Moody’s Investors Service said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.