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Mayor John F. Street's Budget Address
March 18, 2004
Good morning President Verna, members of Council, special friends and distinguished guests. I am here to present for Council's consideration my proposed 3.4 billion dollar FY 05 general fund operating budget and my proposed capital program and budget for FY 05-10 along with my proposed 5 year financial plan for FY 05 through 09.
This financial plan contains approximately 374.6 million dollars in wage and business tax reductions. Notwithstanding our rapidly declining capital borrowing limits, the proposed capital program makes effective use of our limited resources and reasonably provides for the maintenance of the City's existing facilities.
This budget and five year plan are offered during a time of great national and state economic distress. State and federal revenues in support of social and other services have been reduced; the national economy continues to compromise local tax revenues. And there is an escalating demand for services by Philadelphians who themselves are financially pressed by the loss of benefits, rapidly escalating utility costs, unemployment and other increased living expenses.
Although our city has here-to-fore avoided the service cuts and tax increases common to other jurisdictions, increasing health care, criminal justice, and pension costs are challenging our financial capacity. This spending plan delicately balances the need to deliver high quality core city services while simultaneously investing to promote a bright future for our city in the 21st Century
Philadelphia is a city of proud neighborhoods and we will never default on our commitment to regular people who live in them. Our highly acclaimed Safe Streets Program, our Neighborhood Transformation Initiative and afterschool programs are protected in this budget. Abandoned car removal, vacant lot cleaning, snow removal and code enforcement have improved the quality of life in our neighborhoods, and are als...
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