Title
Proposing an amendment to The Philadelphia Home Rule Charter providing for a mandatory Asset Sales Optimization Fund, and providing for the submission of the amendment to the electors of Philadelphia.
Body
WHEREAS, The City of Philadelphia faces ongoing budgetary pressures, thereby increasing the need for the operations of City government to be efficient, effective, and deliver the most value possible to citizens; and
WHEREAS, The City of Philadelphia and its affiliated agencies control thousands of publicly-owned assets, many of which are under-utilized, not well accounted for, and/or of minimal use or benefit to the public; and
WHEREAS, Many of the larger operating assets under the City's control - such as the airport, City-owned parking lots, the Philadelphia Gas Works, and the Water Department - have the potential to be monetized to generate a greater public benefit; and
WHEREAS, The City should consider all publicly-owned assets to be strategic resources with the potential to be capitalized to, for example, improve cash flow, expand investments in infrastructure, and shore up the pension fund; and
WHEREAS, A Mayoral-appointed task force is in the process of conducting a comprehensive review of City-owned properties and is charged with "making recommendations as to which facilities could be sold, closed or merged with other facilities" within the next two years; and
WHEREAS, To ensure that proceeds from any sales of publicly-owned assets are put to cost-effective use, rather than returned to the General Fund by default, as is currently the case, and used for operating expenses, the City should set aside these funds in a designated account and make expendtiures therefrom only upon a showing of a positive return on investment; and
WHEREAS, City Council has concluded that it is appropriate to establish an Asset Sales Optimization F...
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