Submitted 2016-08-02 03:15:15 budget impasse harms agency for seniors
When Moody's Investors Services downgraded the credit rating chaussures louboutin soldes of the Philadelphia Corp. for Aging this week Wade Davis Rockies Jersey , it cited the tax exempt organization's unwillingness to mbt outlet roma adjust to the lack of state funding during Harrisburg's nearly six month budget stalemate.
"I'm sorry, I'm not going to close programs," PCA's president, Holly Lange, said Thursday. "They can say I'm a poor manager Jon Gray Rockies Jersey , they canada goose occasion can say whatever they want, I'm not going to close programs."
Instead, PCA has spaccio peuterey bologna burned though a $10 million line of credit and a hogan outlet online $4 million temporary increase in its credit line.
That spending of mbt borrowed money persuaded Moody's to downgrade PCA in October and again on Monday. The latest rating is B1, which is considered "very weak and very speculative," down from Baa2 in September.
"Because of the budget Jake McGee Rockies Jersey , our credit is worthless. We cannot borrow any more money," Lange said.
PCA, which administers programs designed to keep the elderly canada goose outlet roma in the community rather than in nursing homes, is one of many social service organizations that are being starved for money by the inability of politicians to agree to a state budget.
On Wednesday, the General Assembly sent a scaled down lisseur ghd eclipse pas cher $32.3 billion budget to Gov. Wolf Chad Bettis Rockies Jersey , but it was unclear Thursday whether he would sign woolrich sito ufficiale it or force legislators louboutin chaussures to keep negotiating. Some schools have said they will not be able to reopen after the holidays without a budget.
Lange estimated that the state would have paid her agency a bit more hogan outlet roma than hogan outlet online $25 million in the first six months of the fiscal year if a budget lisseur boucleur babyliss had been in place on time.
But the budget impasse has left much in limbo, including PCA's audited financial statements for the year ended June 30. In fiscal 2014, PCA had $94.45 million in revenue.
Another unresolved issue for PCA and other agencies that have borrowed money to sustain operations in the absence of state funding is how tiffany outlet opinioni to account for the short term interest cost.
"We don't know if the interest is going to be an allowable expense. If it is, we don't know if there's going to be extra money for the interest or it has to be taken off your zapatillas new balance online regular allocation," Lange burberry outlet online italia said.
The same question applies to late fees for telephone and hogan sito ufficiale other services.
PCA had $17.2 million bond debt on June 30 Ian Desmond Rockies Jersey , 2014. It borrowed $22.26 million in 2001 to buy its headquarters at 642 N. louboutin Broad St. hogan outlet milano That building has michael kors outlet coupons a market value of $21 million, according to Philadelphia's Office of Property Assessment.
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