New Castle no longer under ‘distressed municipality’ status after almost 16 years
After nearly 16 years, New Castle is no longer under distressed municipality status.
Department of Community and Economic Development Secretary Rick Siger made the announcement on Tuesday.
New Castle was first designated as distressed on Jan. 5, 2007 after running multi-year deficits and missing a pension fund payment.
New Castle exited distressed status after using tools through the Act 47 program to improve its financial position, a news release said.
“Congratulations to the local officials, community leaders, key partners, and residents who have worked so hard to make this day possible for New Castle,” Siger said. “The city’s commitment to making the tough, but necessary, decisions to get on the path to financial prosperity is commendable. The Shapiro Administration is committed to helping our municipalities become stronger and healthier and we look forward to seeing New Castle prosper in the years to come.”
New Castle is the 28th municipality to recover from distressed status under the Act 47 program.
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