The City of Philadelphia’s finances are so bleak these days that when a very slight budget surplus appears, officials call a news conference to crow about it.
The proceeds of more than $40 million in stocks sold off last week by the city’s pension fund, when the global markets were in chaos, is now being reinvested.
The turmoil in financial markets could quickly filter down to the budgets of the Commonwealth of Pennsylvania and the City of Philadelphia, with officials at both levels facing difficult decisions.
The long-running confusion over the city’s system of assessing property values was again front and center as City Council began its review of the mayor’s budget. The question: what happens when the latest tax hike gets rolled back?
The budget that Mayor Nutter is expected to deliver is expected to be a relatively pain-free spending plan. However, bad news from Harrisburg or D.C. in the future could change that.
The Federal Emergency Management Agency agrees with the rest of us, last February’s record-setting snowfall was a disaster
Mayor Nutter’s Finance Director delivered a glimmer of optimism to city council about the city’s cash-starved budget along with a large dose of caution.