Title
An Ordinance Approving the Fiscal Year 2006 Capital Budget providing for expenditures for the capital purposes of the Philadelphia Gas Works (including the supplying of funds in connection therewith) subject to certain constraints and conditions, and acknowledging receipt of the Forecast of Capital Budgets for Fiscal Years 2007 through 2011.
Body
WHEREAS, Section IV(2)(b) of the Agreement Between The City Of Philadelphia And The Philadelphia Facilities Management Corporation For The Management And Operation Of The Philadelphia Gas Works ("Management Agreement/Ordinance") requires the Philadelphia Facilities Management Corporation ("PFMC") to prepare annually for the Philadelphia Gas Works ("PGW") a proposed capital budget for the ensuing year and a forecast for the six (6) years comprising the ensuing budget year and the five (5) years next following; and
WHEREAS, Section IV(2)(b) of the Management Agreement/Ordinance also requires that the proposed capital budget and forecast be submitted to the Director of Finance and the Gas Commission for their review and for submission of said budget and forecast, together with their recommendations thereon, to City Council for its approval; and
WHEREAS, Section IV(2)(c) of the Management Agreement/Ordinance requires that all PGW expenditures be made pursuant to approved budgets; and
WHEREAS, PGW filed with the Gas Commission on March 1, 2005 a proposed Fiscal Year ("FY") 2006 Capital Budget of sixty five million eight hundred sixty eight thousand dollars ($65,868,000) and a Five Year Forecast of Capital Budgets (FY 2007 - FY 2011); and
WHEREAS, the Gas Commission's review of said budget in its FY 2006 Budgets/Oversight Proceeding culminated in deliberations taken on June 21, 2005 whereby the Gas Commission endorsed a proposed FY 2006 Capital Budget in an amount not to exceed sixty three million six hundred sixty nine thousand dollars ($63,669,000) as stated in the Gas Commission Resolution And Order...
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