Dec 20 The city of Harrisburg, Pennsylvania's
cash-strapped capital, expects to sell its parking garages and
other assets by the third quarter of 2013, Mayor Linda Thompson
said in the city's 2010 audit, released on Thursday.
The long-awaited audit provides another glimpse into the
depth of past financial problems in Harrisburg. The city filed
for bankruptcy in October 2011, only to have a judge later throw
out its petition.
The city is mired in more than $340 million in debt tied to
repairs and upgrades of its incinerator.
To pay down that debt, Harrisburg's state-appointed receiver
is trying to sell or lease city-owned parking garages, the
incinerator and the wastewater system.
For months, receiver William Lynch has been in final
negotiations to sell the incinerator to the Lancaster County
Solid Waster Management Authority. In late July, he narrowed to
four the list of possible buyers for the parking garages.
With the sale of assets, "We anticipate entering 2014 with
the incinerator debt eliminated from the city books," Thompson
said in the audit.
The city did not release its 2009 comprehensive annual
financial report until July of this year.