Title
Approving the Fiscal Year 2007 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 2008 through 2012.
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") 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 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 requires that all PGW expenditures be made pursuant to approved budgets; and
WHEREAS, PGW filed with the Gas Commission on December 23, 2005 a proposed Fiscal Year ("FY") 2007 Capital Budget of seventy one million four hundred forty seven thousand dollars ($71,447,000) and a Five Year Forecast of Capital Budgets (FY 2008 - FY 2012); and
WHEREAS, on March 22, 2006 PGW filed Amendments to the FY 2007 Capital Budget proposal in the amount of three million two hundred forty thousand dollars ($3,240,000) thereby increasing said Budget proposal to seventy four million six hundred eighty seven thousand dollars ($74,687,000); and
WHEREAS, the Gas Commission's review of said Budget proposal in its FY 2007 Budgets/Oversight Proceeding culminated in...
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