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Audit: City in Red for 2012



The City of Altoona ended 2012 in the red.
 
That’s according to the latest financial audit presented to city council last night. Dan Bradley of Young Oakes Brown & Company told the board that the city spent $451-thousand from its fund balance to help cover expenses. That’s leaves about $2.2-million in the city’s reserve fund -- an amount officials have tried to improve under their ACT 47 Recovery Plan.
 
Bradley also told council the city’s pension plan remains under-funded by $22-million. That amount will be reported as a major liability as federal auditing rules change next year.

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Topics : Business_FinanceLaborSocial Issues
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Locations : Altoona
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