FOR IMMEDIATE RELEASE - February 17, 2012
Klehr Harrison co-authored a Forensic Audit related to The Harrisburg Authority's resource recovery facility. The Harrisburg Authority recently released the audit to the public.
The City of Harrisburg is saddled with over $300 million in debt, largely attributable to the incinerator. The audit investigates a variety of issues, including past bond issuances by the Authority which the City guaranteed, contract issues in retrofitting the incinerator and Authority swaps transactions which the City guaranteed related to the facility.The Wall Street Journal reported that a spokesperson for Pennsylvania Governor Tom Corbett said the Receiver appointed to come up with a financial recovery plan for Harrisburg "will be looking at this audit report very closely when it comes to understanding how this debt happened and how we rectify it." Many other news services reported on the audit nationwide, including Bloomberg, CNBC and The Bond Buyer. Klehr Harrison wrote the audit along with accounting firm ParenteBeard, with assistance from financial advisory firm Public Resources Advisory Group. Doug Schleicher and Glenn Weiner led the Klehr Harrison team.