Title
Amending Bill No. 050792, entitled "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", by approving a revised Capital Budget for Fiscal Year 2006 and by extending the timeline related to line item transfers.
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, a Fiscal Year ("FY") 2006 Capital Budget for PGW in the "not-to-exceed" amount of sixty four million six hundred nineteen thousand dollars ($64,619,000) was approved by Ordinance passed by City Council (Bill No. 050792) on November 3, 2005 and signed by the Mayor on November 17, 2005 ("FY 2006 Budget Ordinance"); and
WHEREAS, PGW's request for endorsement of a new line item for the FY 2006 Capital Budget in the "not-to-exceed" amount of three hundred sixteen...
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