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Mayor John F. Street
Budget Address
January 28, 2003
Good morning President Verna, members of City Council, special friends and distinguished guests.
I am here today to present for Council's consideration my proposed 3.3 billion dollar General Fund operating budget and my proposed capital budget and program, along with my proposed Five Year Financial Plan for FY 04 through 08. This plan contains approximately $319 million in wage and business tax reductions and approximately $500 million of cost saving and revenue generating proposals. Notwithstanding our State Constitutionally imposed capitol borrowing limits we have crafted an efficient program that makes the most effective use of our resources and reasonably provides for the maintenance of the city's existing facilities.
I believe the adoption of these budgets will move us closer to being the world-class city we all want.
Across the nation, a deep and persistent recession has played havoc with federal, state and local budgets. Philadelphia is not immune. A bad economy is simultaneously driving down our revenues and driving up our costs. Thankfully we are in better condition than most local governments, because of the fiscal restraint we have shown over the past decade.
With your assistance, we have cut, streamlined and rationalized the operations of our government to meet the economic and service challenges of the times. With the help of the dedicated men and women who work for the City, we have done more with less, and found better ways to do our business. With the budget I submit to you today, we step up our efforts to modernize this government and to improve the quality of life for all Philadelphians.
I'm proud that we have resisted the temptation to ease the burden on government by placing higher tax burdens on our citizens. Other governments are routinely raising taxes and cutting vital services as they struggle with their budgets in these tough times.
In the 90s...
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