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Amending an ordinance approved April 11, 2000 (Bill No. 000005), adopting the Operating Budget for Fiscal Year 2001, by making, in accordance with Section 2-301(a) of the Philadelphia Home Rule Charter, certain additional appropriations needed to meet the unanticipated emergency created by a cash flow crisis at the Philadelphia Gas Works.
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WHEREAS, The Operating Budget of the City was adopted by Council and approved by the Mayor on April 11, 2000, in accordance with the requirements of the Philadelphia Home Rule Charter ("Charter"); and
WHEREAS, The Operating Budget as adopted provided for General Fund appropriations of two billion eight hundred thirty million four hundred fifty five thousand nine hundred eighteen dollars ($2,830,455,918); and
WHEREAS, The City of Philadelphia (City) owned Philadelphia Gas Works (PGW) has requested of the Public Utility Commission a rate increase to bolster its fragile financial position; and
WHEREAS, Said rate increase would not take effect in time to infuse PGW with sufficient cash to enable the company to buy natural gas for the coming winter and meet payroll obligations; and
WHEREAS, The City has proposed a loan of forty five million ($45,000,000) dollars to PGW to allow the company to bridge the gap between when the natural gas is purchased and when the revenue from the proposed rate increase would begin to be realized; and
WHEREAS, Section 2-301 of the Charter expressly permits Council to make additional operation appropriations "to meet emergencies which could not be anticipated when the operating budget ordinance was passed;" and
WHEREAS, The cash crisis at PGW could not have been reasonably anticipated by City Council at the time of the adoption of the Operating Budget Ordinance for Fiscal Year 2001 (Bill No. 000005); and
WHEREAS, The Council wishes to avoid curtailment of essential natural gas services by providing for a loan to PGW; and
WHEREAS, The payment of the loan requires an increase in appropriations in the Operating Budget for Fiscal Year 2001 pursuant to section 2-301(a) of the Charter; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 2 of the ordinance approved April 11, 2000 (Bill No. 000005), adopting the Operating Budget for Fiscal Year 2001, is hereby amended to increase the appropriations made from the General Fund by forty five million dollars ($45,000,000) from two billion eight hundred thirty million four hundred fifty five thousand nine hundred eighteen dollars ($2,830,455,918) to two billion eight hundred seventy five million four hundred fifty five thousand nine hundred eighteen dollars ($2,875,455,918), which additional increase is appropriated as follows:
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2.38 |
DIRECTOR OF FINANCE |
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Advances and Other Miscellaneous Payments $45,000,000 |
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Total $45,000,000 |
Section 2. This Ordinance shall take effect immediately in accordance with provisions of Section 2 of Bill No. 000583 as amended.
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