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June 18, 2024 11:25 pm

Local News

Philadelphia Press Release 3/31/22

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According to a city press release

Mayor Jim Kenney will deliver to Philadelphia City Council the Fiscal Year 2023 operating budget, capital program and Five Year Plan that will serve as financial blueprints for the city’s continued economic recovery more than two years after COVID-19 first hit Philadelphia. The documents can be found online.

“As you review the plan, know that every program, policy and funding priority was made with one thing in mind: how can we move all of Philadelphia forward and spur a fast, equitable recovery in every zip code and neighborhood of our great city,” said Mayor Jim Kenney

“This plan will move Philadelphia forward by enhancing core City services, accelerating inclusive economic growth across the city, maintaining the City’s long-term fiscal health, and continuing to reduce racial disparities so that race is not a determinant of success, and every single person that calls Philadelphia home can thrive. This budget demonstrates the determination to make our city a better place to live, work, and visit.”

An integral part of the Five Year Plan is the roughly $1.4 billion the City is receiving from the American Rescue Plan (ARP). This one-time federal relief helps ease the effects of projected revenue declines stemming from the pandemic.

The proposed FY22 operating budget assumes $5.51 billion in revenues, and $5.61 billion in expenses, leaving a $153 million projected fund balance. The plan includes restorations of some cuts imposed during previous fiscal years because of the pandemic.

The $153 million fund balance is far lower than the pre-pandemic level of $439 million and represents under three percent of revenues. The City’s internal goal for a fund balance is usually six-to-eight percent, and national best practices call for a 17 percent fund balance.The Mayor’s Budget Address, Operating and Capital Budgets, and Proposed FY23-27 Five Year Plan are available online.