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After a bruising pandemic year, the city faces a steep budget shortfall. Service cuts, tax hikes, and privatization or sale of city assets are on the table. ....
The projected $450 million deficit is based on the Philadelphia maintaining its current level of services which would cost about $5.1 billion. The city projects its revenue and available reserves will total just $4.7 billion, due to a dip in tax collections and the depletion of the city s reserve fund during the pandemic. When Philadelphia s fiscal year ends on June 30, the city expects to have just $29 million in its fund balance. That s down from about $438 million at the end of Fiscal Year 2019. The city hopes to restore its rainy day fund to about $50 million by the end of the next fiscal year. The Government Finance Officers Association recommends that municipalities maintain a reserve equal to two months of spending, which would be about $800 million for Philadelphia. The city currently has about three days worth of spending in its general fund. ....
Mayor Kenney warns of possible $450 million budget gap fox29.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fox29.com Daily Mail and Mail on Sunday newspapers.
Are you eligible to get your city wage tax back? Are you eligible to get your city wage tax back? The roughly 3 and a half percent city wage tax you cough up every paycheck could come back in the form of a check. PHILADELPHIA - Work in the city, but live outside the city? Working from home could mean a refund for you. But that is also bad news for the city, which relies on the city wage tax to fund certain projects. Last year s packed regional rail trains are empty these days. Hundreds of thousands of suburban commuters are now working from home. ....