Title
Approving the Fiscal Year 2004 Capital Budget providing for expenditures for the capital purposes of the Philadelphia Gas Works, including the supplying of funds to be obtained in connection therewith, and acknowledging receipt of the Forecast of Capital Budgets for Fiscal Years 2005 through 2009.
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 ("the Management Agreement") requires the Philadelphia Facilities Management Corporation 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 in sufficient time for their review and submission of said budget and forecast, together with their recommendations thereon, to City Council so that City Council may act on these filings; and
WHEREAS, Section IV(2)(c) of the Management Agreement provides that all PGW expenditures and commitments be made pursuant to approved budgets; and
WHEREAS, PGW filed with the Gas Commission on May 28, 2003 a proposed Fiscal Year ("FY") 2004 Capital Budget of sixty nine million eight hundred twenty six thousand dollars ($69,826,000) and a Five Year Forecast of Capital Budgets (FY 2005 - FY 2009); and
WHEREAS, PGW subsequently revised its filing on various occasions ultimately proposing an FY 2004 Capital Budget of sixty seven million three hundred twenty eight thousand dollars ($67,328,000); and
WHEREAS, The Gas Commission's FY 2004 Consolidated Budgets/Oversight Proceeding culminated in deliberations taken on December 2, 2003 whereby the Gas Commission endorsed a proposed FY 2004 Capi...
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