City Budget
The national economic downturn is having an impact on Philadelphia's budget negotiations. City Council hearings scheduled for today have been postponed until next week to give Mayor Nutter more time to adjust the city's budget because of decreases in projected revenue.
By Susan Phillips
WHYY News, May 8, 2008
The slowdown in the national economy means less money is expected to flow in the city's coffers. Revenue projections from real estate sales are down leading to a decrease in revenue from the real estate transfer tax. Delays in casino construction are keeping anticipated gaming income off the books and the city is also expected to help plug a $38 million deficit in the school district's budget.
City Councilwoman Maria Quinones-Sanchez wants the Nutter administration to consider some changes in its assumptions as it takes more time to adjust the budget.
"All of those things impact in big ways the numbers that we're dealing with on the income projection side of the budget," said Quinones-Sanchez, "and therefore will impact the expense side, so I think that some things out of our control have impacted the five-year plan."
Councilwoman Quinones-Sanchez is pushing for changes in the size and scope of the mayor's proposed business privilege tax cuts. She also wants to keep wage tax credits for the working poor.
Mayor Nutter has been meeting with council members about the budget behind closed doors. Council currently has a deadline of May 31st to approve the budget.
Additional Information
It's Our Money Blog:Podcasting the School Budget
It's Our Money Blog: Back and forth on budget meeting
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