Thursday, April 17, 2014
Inquirer Daily News

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

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.

 

About this blog
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
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