Title
Proposing an amendment to The Philadelphia Home Rule Charter changing the requirement for contributions and minimum balance of the Budget Stabilization Reserve and making other technical changes; and providing for the submission of the amendment to the electors of Philadelphia.
Body
WHEREAS, Under Section 6 of the First Class City Home Rule Act (53 P.S. ? 13106), an amendment to The Philadelphia Home Rule Charter may be proposed by a resolution of the Council of the City of Philadelphia adopted with the concurrence of two-thirds of its elected members; now, therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the following amendment to The Philadelphia Home Rule Charter is hereby proposed and shall be submitted to the electors of the City on an election date designated by ordinance:
ARTICLE II
LEGISLATIVE BRANCH
The Council - Its Election, Organization, Powers and Duties
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CHAPTER 3
LEGISLATION
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? 2-300. The Annual Operating Budget Ordinance.
(7) Budget Stabilization Reserve.
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(a) The annual operating budget ordinance shall provide for appropriations to a Budget Stabilization Reserve, to be created and maintained by the Director of Finance as a separate fund which shall not be commingled with any other funds of the City. Appropriations to the Budget Stabilization Reserve shall, each year, be made in the following amounts, provided that total appropriations to the Budget Stabilization Reserve shall not exceed [five] seventeen percent of [General Fund Appropriations] projected General Fund Revenues for end of the current fiscal year as of the first business day after February 14:
(1) Such amounts as remain unencumbered in the Budget Stabilization Reserve from the prior fiscal year, including any investment earnings certified by the Director of Finance; plus
(2) When, as of the first business day after February 14, the Projected General Fund Balance for the end of the curr...
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