BUFFALO (NY)
Buffalo News
March 1, 2020
By Jay Tokasz
The Buffalo Diocese’s plunge this week into federal bankruptcy court marked a new period of uncertainty for more than 500,000 Western New York Catholics concerned about the future of parishes, schools and diocese employees.
It could take years before it becomes clear what a reorganized Buffalo Diocese will look like but what happened in the Archdiocese of Milwaukee in Wisconsin, which has roughly the same number of Catholics as in Buffalo, may provide some insight.
The Milwaukee archdiocese emerged from federal bankruptcy court in 2016 with a deal to pay $21 million to childhood victims of clergy sex abuse. Four years later, it appears to be better off financially than when it first filed for bankruptcy protection in 2011.
Its total revenues in 2019 were $6 million more than in 2011, according to its latest audited financial statements. Its net assets – after dipping to $50 million in the immediate aftermath of the reorganization – climbed back to $71 million last year, surpassing pre-bankruptcy levels.
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