Communication 060458

May 18, 2006 Anna C. Verna, President City Council of Philadelphia Room 492, City Hall Philadelphia, PA 19107 Dear Council President Verna: Transmitted with this letter are amendments to the FY 07 Operating and Capital Budgets agreed to by the Administration. The Operating Budget amendments retain all of the FY07 spending initiatives proposed by City Council in its amendments adopted May 4, 2006 and restore funding for critical economic development programs: Economic Stimulus Program, Promote Philadelphia and Innovation Philadelphia and increases pension funding. To fund these important City initiatives, I am transmitting an amendment to move the effective date of the Low-Income Tax Credit back three years. I am fully committed to the implementation of the initiatives. I also am transmitting a Capital Budget amendment that carries forward prior years' authorization to fund the continuing implementation of the City's Capital Program. Sincerely, John F. Street, Mayor NOTE: SEE ATTACHMENT FOR AMENDMENTS IN BILL NO. 060003 5/4/06