PHILADELPHIA (CBS) – A ballot question will be put to Philadelphia voters next November on whether to create what’s called a Rainy Day Fund — money set aside for emergencies like the recession of the past few years.
Pushing the idea was Councilman-at-Large Jim Kenney, “You should always have money for a rainy day. If we had $200-million in a reserve fund, during the course of the last two and half to three years of this mess, this financial mess, we would have been in much better shape, and may have not had to do some of the things we did to do to keep the government going.”
Many other major cities already have this. If approved by voters, the city would set aside three quarters of one percent of general fund money into the rainy day fund, to be used only when there’s a cash crisis or some unforeseen problem.
Reported by City Hall Bureau Chief Mike Dunn, KYW Newsradio 1060