Title
Further amending Bill No. 130325 entitled "An Ordinance approving the Fiscal Year 2014 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 2015 through 2019," as previously amended by Bill No. 130583, by approving a further amended Capital Budget for Fiscal Year 2014.
Body
WHEREAS, A Fiscal Year ("FY") 2014 Capital Budget for the Philadelphia Gas Works ("PGW") in the "not-to-exceed" amount of one hundred two million four hundred eighty seven thousand dollars ($102,487,000) was approved by City Council on June 6, 2013 and signed by the Mayor on June 17, 2013; and
WHEREAS, An amended FY 2014 Capital Budget for PGW in the "not-to-exceed" amount of one hundred two million nine hundred twenty five thousand dollars ($102,925,000) was approved by City Council on October 17, 2013 and signed by the Mayor on October 30, 2013; and
WHEREAS, On January 6, 2014, PGW filed with the Gas Commission a request to further increase the FY 2014 Capital Budget by three million three hundred sixty nine thousand dollars ($3,369,000) to provide for the incremental replacement of approximately three (3) additional miles of small diameter (8-inch and smaller) cast iron main, thereby improving its risk profile; and
WHEREAS, The Gas Commission's due diligence review of PGW's amendment request revealed that PGW's most current pending projections showed that there would be an underspending totaling approximately four million seven hundred thirty four thousand dollars ($4,734,000) in two line items in the approved FY 2014 Capital Budget providing spending authorization for incremental replacement of large diameter (12-inch and 30-inch) cast iron mains; and
WHEREAS, The Gas Commission's due diligence review of PGW's amendment request culminated i...
Click here for full text