Bill 020075

..Title Approving the Fiscal Year 2002 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 rejecting the Forecast for Fiscal Years 2003 through 2007. ..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 Gas Works ("PGW") to prepare annually 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 no later than the middle of the fourth month preceding the September 1 beginning of the Gas Works' fiscal year 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, At public meetings held January 23, 2002, and April 16, 2002, the Gas Commission deliberated and took action on PGW's Proposed FY 2002 Capital Budget as then amended and as reflected in the applicable Gas Commission Resolution and Order dated May 10, 2002; and WHEREAS, By Capital Budget Resolution and Order dated May 10, 2002, the Gas Commission endorsed and recommended that City Council take the following actions: (A) Reject the amended Fiscal Year 2002 Capital Budget proposal advanced by PGW; (B) Approve a Fiscal Year 2002 PGW Capital Budget of fifty-four million eight hundred nineteen thousand dollars ($54,819,000) which incorporates $54,225,000 as spending projected to occur during Fiscal Year 2002 and $594,000 as spending projected to occur during Fiscal Year 2003; and (C) Reject PGW's proposed Capital Budget Forecast for Fiscal Year 2003 through Fiscal Year 2007. THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Pursuant to the provisions of Sections IV (2)(b) and IV (2)(c) of the Management Agreement, the Council: (a) does hereby approve the Fiscal Year 2002 Capital Budget program authorization for the capital programs of the Philadelphia Gas Works, as modified by the recommendations of the Gas Commission and set forth in its applicable Resolution and Order dated May 10, 2002, in an amount not exceeding fifty-four million eight hundred nineteen thousand dollars ($54,819,000); and (b) does further reject the Capital Budget Forecast for Fiscal Years 2003 through 2007. SECTION 2. Spending Authorizations. (a) The amounts shown in the Budget designated for expenditure in Fiscal Year 2002 are hereby authorized for the purposes shown and shall be available for expenditure upon the effective date of this Ordinance for Fiscal Year 2002, defined as September 1, 2001 through August 31, 2002, in the amount of fifty-four million two hundred twenty five thousand dollars ($54,225,000). (b) The amounts shown in the proposed capital budget designated for expenditure in out years beginning in FY 2003 in the amount of five hundred ninety-four thousand dollars ($594,000) is hereby reserved for the purposes shown. ..End