SCRANTON, PA. – As part of the City of Scranton’s financial management program, the City issued a Five-Year Financial Projection Report on Wednesday. The report, produced by the Pennsylvania Economy League (PEL), was a collaborative effort between the City and PEL that includes a historical review of the City’s financial performance and provides a baseline financial forecast to aid the City’s future financial planning and budgeting.
“The Pennsylvania Economy League works with dozens of municipalities across the commonwealth and has been a consistent partner with the City of Scranton over the last three decades,” PEL Executive Director Vinny Cannizzaro, Ph.D., said. “The turnaround in Scranton and its now-stable future cannot be understated. The City enters the projection period from 2026 to 2030 with several important strengths. This forecast is an important tool that examines trends that will help leaders lay the groundwork for continued improvement in the City’s financial position for years to come.”
“We are grateful to PEL for the work that went into this forecast, and for their partnership with the city through decades of challenges and successes,” Mayor Paige G. Cognetti said. “Looking back at the progress we’ve made and planning for the future is critical to Scranton’s continued financial stability. In PEL’s words, this report will help the City ‘protect the financial progress we’ve achieved’.”
In its analysis, PEL reviews Scranton’s financial performance from 2020 through 2024, focusing on revenues, expenses, its tax base, operating positions, and debt structures. PEL also examines the financial performance of the City’s 2025 operating budget and the City’s adopted 2026 budget. Based on conservative fiscal estimates, the report provides financial projections for 2026 to 2030.
Historic Turnaround
The report makes note of the City’s incredible financial turnaround from a municipality facing near bankruptcy in 2012 to one that now holds an A- credit rating from S&P Global Ratings with a stable outlook. The report cites the factors identified by S&P for the City’s credit rating upgrades in 2023, 2024, and 2026: improved budget performance, stronger financial reserves, enhanced management practices, and reduced debt burdens.
These credit rating upgrades were spurred in part by Scranton’s exit from financially distressed status in January 2022. The continued credit rating upgrades position the City to access capital markets at more favorable rates, lowering long-term borrowing costs.
How Scranton Allocates Revenue
The forecast includes an overview of how Scranton allocates revenue.
Best Practices
According to the forecast, Scranton has a number of financial strengths at its disposal. “Through sustained fiscal discipline, the City has restored investment-grade credit ratings, stabilized tax rates, rebuilt reserve balances, and strengthened financial controls. These outcomes reflect responsible City governance across multiple budget cycles and provide the City leaders with credibility, flexibility, and options that were not available in prior years.”
By continuing to focus on balanced budgets, City officials can strengthen long-term financial stability. Beginning in 2030, the City’s annual debt service payments will start to decrease, opening opportunities to strategically reinvest savings to support capital projects and stabilize reserve funding. “Sustaining these practices will help ensure that the City’s debt profile remains… aligned with its long-term fiscal and operational goals.”
As part of its improved planning and procedures, the City has used its capital budget to develop five-year plans for major investments impacting public safety, technology, infrastructure, stormwater management, and recreation. The City has also continued to improve procurement practices, with nearly 200 projects seeking competitive bids throughout the Cognetti administration.
Looking Ahead
Scranton enters the 2026 to 2030 financial projection period with a strong fund balance from prior operating surpluses “providing an important short-term buffer against fiscal volatility.”
With all its current financial strengths considered, and using conservative assumptions, the report projects manageable budgeting for the foreseeable future.
The report notes that the City’s current financial management practice of “daily, weekly, monthly and annual” financial monitoring is “the most effective approach to managing” future budgets.
ABOUT THE CITY OF SCRANTON: Incorporated in 1866, the City of Scranton has a population of approximately 76,000 residents and is the sixth-largest municipality in the Commonwealth of Pennsylvania. Scranton City Hall is located at 340 N. Washington Ave., Scranton, PA 18503. Residents requiring services should visit www.scrantonpa.gov
ABOUT MAYOR PAIGE G. COGNETTI: Paige G. Cognetti was sworn in as the 36th Mayor of Scranton in January 2020 and took her third Oath of Office in January 2026. Her administration is focused on public safety, fiscal discipline, driving economic growth, upgrading infrastructure, government transparency and efficiency, and improving residents’ overall quality of life.
5-Year Financial Projection Report – August 2026 | PDF
Scranton Issues Five-Year Financial Baseline Forecast Report | Press Release
Last modified: August 12, 2026
