City of Philadelphia - File #: 060975

• File #: 060975
• Version: 0
• Type: Resolution
• Status: ADOPTED
• File created: 12/14/2006
• In control: CITY COUNCIL
• Final action: 12/14/2006
• Title: Calling on the School District of Philadelphia to produce and transmit to Council annually a proposed Five Year Financial Plan.
• Sponsors: Councilmember Reynolds Brown, Councilmember Ramos, Councilmember Kenney, Councilmember Greenlee, Councilmember DiCicco, Councilmember DiCicco, Councilmember Kelly, Councilmember Kelly, Councilmember Clarke, Councilmember Clarke, Councilmember O'Neill, Councilmember O'Neill, Councilmember Tasco, Councilmember Tasco, Councilmember Campbell, Councilmember Campbell, Councilmember Goode, Councilmember Goode
• Indexes: SCHOOL DISTRICT OF PHILADELPHIA

Date	Ver.	Action By	Action	Result	Tally
12/14/2006	0	CITY COUNCIL	ADOPTED
12/14/2006	0	CITY COUNCIL	READ
12/14/2006	0	CITY COUNCIL	Introduced	Pass

Title
Calling on the School District of Philadelphia to produce and transmit to Council annually a proposed Five Year Financial Plan.
Body
WHEREAS, The City Council commends School District CEO Paul Vallas for his public commitment to produce and transmit a Five Year Financial Plan for the School District of Philadelphia; and

WHEREAS, There is a critical need to ensure that the finances of the School District of Philadelphia are appropriately managed; and

WHEREAS, Sound financial management requires sound financial planning; and

WHEREAS, The City annually engages in a self-critical five year financial planning process, culminating each year in a revised Five Year Financial Plan, which must by law be balanced; and

WHEREAS, The importance to the education of our City's children of sound financial management and planning demands that the School District engage in a comparable five year financial planning process; and

WHEREAS, In order for the Council to fulfill its obligation to review the annual budget of the School District and to provide appropriate levels of funding, the Council needs to be comfortable that sound financial planning and management techniques are in place in the District; and

WHEREAS, By law, the School Reform Commission is required annually to submit to the Council, at least ninety (90) days before the end of its fiscal year, a lump sum statement of anticipated receipts and expenditures for the next fiscal year and a request for authority to levy taxes to balance its budget for the year; and

WHEREAS, In order to facilitate a careful consideration of such request by Council, the Council needs an opportunity to first review the District's proposed five year financial plan; now therefore

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the School Reform Commission shall transmit at the earliest possible date to the Council its proposed Five Year Financial Plan for the five years commencing with the upcoming fisc...