Title
Approving a Revised Five Year Financial Plan for the City of Philadelphia covering Fiscal Years 2005 through 2009, subject to certain terms and conditions.
Body
WHEREAS, On March 18, 2004, the Mayor submitted to Council a Revised Five Year Financial Plan for the City of Philadelphia covering Fiscal Years 2005 through 2009 ("Plan"); and
WHEREAS, On May 19, 2004, the Mayor submitted to Council proposed amendments to the Plan that primarily addressed the Mayor's decision to forego the annual $18 million payment from the Philadelphia Gas Works ("PGW"), and to delay until Fiscal Year 2009 PGW's repayment of the City's $45 million loan to PGW; and
WHEREAS, It is the intent of this Resolution to provide Council's approval to the Plan, with the amendments submitted by the Mayor on May 19, 2004, provided the Mayor further amends the Plan in accordance with the provisions of this Resolution prior to its submission to the Pennsylvania Intergovernmental Cooperation Authority ("PICA"); now, therefore,
RESOLVED BY THE COUNCIL OF THE CITY OF PHILADELPHIA
THAT Council hereby approves the Five-Year Financial Plan for Fiscal Year 2005 Through Fiscal Year 2009 (the "Plan") as submitted by the Mayor on March 18, 2004 and with the amendments submitted by the Mayor on May 19, 2004, provided the Mayor makes the following changes to the Plan prior to its submission to the Pennsylvania Intergovernmental Cooperation Authority ("PICA"):
(a) The Plan shall use as the rates for the wage and net profits tax and the business privilege tax the tax rates set forth in Bill No. 040607 and Bill No. 040608, as passed by Council on June 21, 2004.
(b) The Plan shall incorporate the FY05 operating budget set forth in Bill No. 040601, the FY05 capital budget set forth in Bill No. 040602, and the FY05-FY10 capital program set forth in Bill No. 040603, as those Bills were passed by Council on June 21, 2004.
(c) The Plan shall include in Fiscal Years 2006 through 2009: (i) t...
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