COUNCIL OF THE CITY OF PHILADELPHIA PUBLIC HEARING AND PUBLIC MEETING BEFORE THE SELECT COMMITTEE ON FISCAL STABILITY AND INTERGOVERNMENTAL COOPERATION - - - Room 696, City Hall Philadelphia, Pennsylvania Thursday, 4/25/02 10:25 a.m. - - - RES. 020059 - Providing for the approval by the Council of the City of Philadelphia of a Revised Five-Year Financial Plan for the City of Philadelphia covering Fiscal Years 2003 through 2007, and incorporating proposed changes with respect to Fiscal Year 2002, which is to be submitted by the Mayor to the Pennsylvania Intergovernmental Cooperation Authority pursuant to the Intergovernmental Cooperation Agreement, authorized by an ordinance of the Council approved by the Mayor on January 3, 1992 (Bill No. 1563-A), by and between the City and the Authority. COUNCILMEMBERS PRESENT: Anna C. Verna, Chair Michael A. Nutter, Vice Chair Jannie L. Blackwell David Cohen Frank DiCicco Brian J. O'Neill - - - VINCENT VARALLO ASSOCIATES, INC. Registered Professional Reporters Eleven Penn Center, Suite 600 Philadelphia, PA 19103 (215) 561-2220 4/25/02 FISCAL STABILITY - RESOLUTION 020059 WITNESS Robert Dubow, Budget Director................ 4/25/02 FISCAL STABILITY - RESOLUTION 020059
Those on Fiscal Stability are Councilman Nutter, Councilman DiCicco, Councilwoman Blackwell, Councilman Cohen, and Councilman O'Neill. This is the continued public hearing on the Select Committee on Fiscal Stability regarding Bill No. 020059 -- oh, I'm sorry, it's a resolution. Do we have any questions from members of the committee? Mr. Dubow?
Yes, we did. We submitted amendments to reflect that the plan has been changed, so the amendment really says that the plan was amended on April 23, 2002. The plan was amended to show basically two things. One was the impact of the tax reduction lowering our revenues by $118 million over the life of the plan and moving the loan repayment from PGW from Fiscal Year '02 to Fiscal Year '07. We compensated for those changes by changing the line that's now called "Future Efficiencies" and 4 4/25/02 FISCAL STABILITY - RESOLUTION 020059 increasing that by $118 million over the life of the plan.
Thank you. Are there any questions from members of the committee?
May I ask that Mr. Dubow repeat the testimony he just gave. I thought I was catching it, but I missed the part about the --
Okay, we changed the plan to reflect two changes on the revenue side. One was the impact of Bill 92, so we reduce tax revenue over the life of the plan by $118 million.
And then the second part was moving the loan repayment from PGW from Fiscal Year '03 to Fiscal Year '07. On the other side to compensate for that, we changed line that's now called "Future Efficiencies" and increased that by $118 million over the life of the plan.
Does anything in what you last said refer to the $18 million annual payment that's been made up till now by PGW?
No. The plan still assumes 5 4/25/02 FISCAL STABILITY - RESOLUTION 020059 that that's received each year.
Thank you. Are there any other questions from members of the committee? (No further questions.)
Seeing none, this will conclude our public hearing. - - - 6 4/25/02 FISCAL STABILITY PUBLIC MEETING
We will now go into our public meeting, and the Chair recognizes Councilman Nutter.
Madam Chair, I move the adoption of the amendments to the resolution.
It has been moved and seconded that the amendment be adopted. All those in favor will signify by saying aye. Those opposed? The ayes have it and the amendment has been adopted. The Chair recognizes Councilman Nutter.
Thank you, Madam President -- Madam Chair, I'm sorry. I move that Resolution No. 020059, as amended, be reported out of this committee with a favorable recommendation. (Duly seconded.)
It has been moved and seconded that resolution No. 020059, as 7 4/25/02 FISCAL STABILITY PUBLIC MEETING amended, be reported out of committee with a favorable recommendation All in favor will say aye. Those opposed? The ayes have it and the motion carries. This concludes our public meeting on the Committee on Fiscal Stability. I would ask all members to please join me in the anteroom so that we could have our caucus immediately. Thank you all very much. (Proceedings end at 10:28 a.m.) - - - 8 CERTIFICATE I HEREBY CERTIFY that the foregoing proceedings of the Council of the City of Philadelphia's meeting of the Committee on Fiscal Stability and Intergovernmental Cooperation of Thursday, April 25, 2002, are contained fully and accurately in the stenographic notes taken by me, and that this is a true and correct transcript of same. RE: Resolution No. 020059 _______________________________, Josephine Cardillo Registered Professional Reporter and Notary Public (The foregoing certification of this transcript does not apply to any reproduction of the same by any means, unless under the direct control and/or supervision of the certifying reporter.)