Daily News | Philly’s city budget is in its best shape in years. But Mayor Jim Kenney’s administration is worried about future risks.
Philadelphia, which in the 1990s nearly became the first major U.S. city to declare bankruptcy and which has struggled to adequately fund many basic services for decades, is now in an unfamiliar position.
That’s just above the city’s goal of leaving up to 8% of revenue unspent, but still well below the Government Finance Officers Association’s recommendation to reserve the equivalent of 17% to deal with unexpected financial difficulties.The cash influx is due to a myriad of factors, including unexpectedly high tax collections, especially in the business and real estate transfer levies; a slow-spending approach to the $1.
The city uses empirical measures to judge the effectiveness of many of the services it provides — such as the number of nuisance properties inspected within 20 days of a complaint — and its most recent Quarterly City Managers Report showed 71% of services were meeting or exceeding their targets. Council members have urged the administration to be more aggressive in spending amid the gun violence epidemic and the uneven economic recovery since 2020.
Council’s Committee on Appropriations last week approved the budget transfer bill, which included $210 million for the Pension Fund to make up for lower-than-expected investment returns and $25 million for the city’s rainy day fund, a rarely used reserve that is separate from the fund balance. The administration is also setting aside $25 million for a fund aimed at helping city agencies navigate inflation and the potential of a recession.
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