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.
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(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 either a reservation of fund balance within the City's General Fund or as a separate fund. Appropriations to the Budget Stabilization Reserve shall, each year, be made in the following amounts:
(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) An amount equal to three-quarters of one percent (.75%) of Unrestricted Local General Fund Revenues for the fiscal year to which an operating budget relates, provided that total unencumbered appropriations in the Budget Stabilization Reserve shall not exceed five percent of General Fund Appropriations; plus
(3) Such additional amounts as the Council shall authorize by ordinance, upon recommendation of the Mayor.
(b) For purposes...
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