As had been forewarned after a meeting with the four boards that run Diocese of Scranton schools, the diocese announced the official annual audit determined there was a $15,455,774 deficit for the fiscal year running July 1, 2008 to June 30,2009, the Times-Leader reports.
A statement Apostolic Administrator Cardinal Justin Rigali accompanying the financial report credits $7.1 million of that deficit to bad debts, most of which "are associated with parishes that borrowed heavily to fund parish run schools."
The market downturn added nearly $1.5 million in unrealized losses on investments, though Rigali notes the recent market upswing may mean some of that money can be recouped.
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