City of Philadelphia - File #: 100314-A

• File #: 100314-A
• Version: 2
• Type: Resolution
• Status: ADOPTED
• File created: 5/6/2010
• In control: Committee on Law and Government
• Final action: 4/14/2011
• Title: Proposing an amendment to the Philadelphia Home Rule Charter providing for a mandatory Budget Stabilization Reserve, and providing for the submission of the amendment to the electors of Philadelphia.
• Sponsors: Councilmember Kenney, Councilmember Tasco, Councilmember Green
• Indexes: PHILADELPHIA HOME RULE CHARTER

Date	Ver.	Action By	Action	Result	Tally
4/14/2011	1	CITY COUNCIL	ADOPTED	Pass	17:0
4/7/2011	1	CITY COUNCIL	READ
4/7/2011	2	CITY COUNCIL	ORDERED PLACED ON FINAL PASSAGE CALENDAR FOR NEXT MEETING.
4/7/2011	2	CITY COUNCIL	AMENDED
3/31/2011	0	CITY COUNCIL	FAVORABLY RECOMMENDED; CONSIDERATION AT NEXT STATED COUNCIL MEETING	Pass
3/24/2011	0	Committee on Law and Government	HEARING NOTICES SENT
3/24/2011	0	Committee on Law and Government	HEARING HELD
3/24/2011	0	Committee on Law and Government	AMENDED
3/24/2011	1	Committee on Law and Government	REPORTED FAVORABLY
5/6/2010	0	CITY COUNCIL	Referred
5/6/2010	0	CITY COUNCIL	Introduced	Pass

Title
Proposing an amendment to the Philadelphia Home Rule Charter providing for a mandatory Budget Stabilization Reserve, and providing for the submission of the amendment to the electors of Philadelphia.
Body
WHEREAS, Under Section 6 of the First Class City Home Rule Act (53 P.S. §13106), an amendment to the Philadelphia Home Rule Charter may be proposed by a resolution of the Council of the City of Philadelphia adopted with the concurrence of two-thirds of its elected members; now therefore

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA,

SECTION 1. That the following amendment to the Philadelphia Home Rule Charter is hereby proposed and shall be submitted to the electors of the City on an election date designated by ordinance:

ARTICLE II LEGISLATIVE BRANCH
The Council - Its Election, Organization, Powers and Duties

CHAPTER 3 LEGISLATION

§2-300. The Annual Operating Budget Ordinance.

* * *

(7) Budget Stabilization Reserve.

(a) The annual operating budget ordinance shall provide for appropriations to a Budget Stabilization Reserve, to be created and maintained by the Director of Finance as a separate fund which shall not be commingled with any other funds of the City. Appropriations to the Budget Stabilization Reserve shall, each year, be made in the following amounts, provided that total appropriations to the Budget Stabilization Reserve shall not exceed five percent of General Fund Appropriations:

(1) Such amounts as remain unencumbered in the Budget Stabilization Reserve from the prior fiscal year, including any investment earnings certified by the Director of Finance; plus

(2) When the Projected General Fund Balance for the end of the fiscal year to which the operating budget relates (the "upcoming fiscal year"), without taking into account any deposits to the Budget Stabilization Reserve required by this subsection (2), equals or exceeds three percent (3%) of General Fund appropriations for t...