Title
An Ordinance Approving the Fiscal Year 2008 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 2009 through 2013.
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 January 2, 2007 a proposed Fiscal Year ("FY") 2008 Capital Budget of one hundred eighteen million two hundred forty three thousand dollars ($118,243,000) and a Five Year Forecast of Capital Budgets (FY 2009 - FY 2013); and
WHEREAS, on February 12, 2007 PGW amended the FY 2008 Capital Budget proposal by withdrawing two line items totaling forty seven million three hundred thousand dollars ($47,300,000) and deferring them to the FY 2009 Forecast; and
WHEREAS, the Gas Commission's review of said Budget proposal in its FY 2008 Budgets/Oversight Proceeding culminated in deliberations taken at a public meeting ...
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