Sunday, August 2, 2015

City has a little extra dough

For the first time since the economic crisis the city announced today they have a little extra dough on hand, but not much.

City has a little extra dough

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For the first time since the economic crisis the city announced today they have a little extra dough on hand, but not much.

City Finance Director Rob Dubow said the city will release their annual finance report this afternoon which will show a positive fund balance of roughly $100,000 for the end of fiscal year 2011 –falling short of their $3 million projection.

“It sounds small but it’s a big improvement when over the last two years we’ve had negative fund balances of over $100,000,000,” Dubow said. “It’s the result of all of the actions we’ve taken over the last couple of years to bring ourselves back into balance. A lot of budget cuts that have been painful for both us and the citizens.”

Dubow said at the end of fiscal year 2009 the city had a negative fund balance of $137 million and in 2010, negative $114 million.

Meanwhile, there are more budget cuts to come due to weak tax revenues in the first few months of the fiscal year. Not to mention the city is still dishing out about $100,000 a week for Occupy Philly –mostly in police overtime –which is heading into its fourth week.

Over the next few weeks Dubow says the city will be gathering information from department heads to prepare plans for 2 percent budget cuts that would take effect in the next few months. Police, prisons and fire departments would be exempt from those cuts.

 

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About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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