Tougher Times Ahead for City Finances?

Mayor Nutter has announced a 3:30 p.m. press conference to talk about the city's financial situation. Last month he said the city faces a $450 million funding shortfall over five years. Today we reported the city may have trouble getting a short term loan to pay the bills. What's next?

Here's the release. We'll update after.

MAYOR NUTTER TO PROVIDE UPDATE ON CITY’S FINANCIAL SITUATION

WHO: Mayor Michael A. Nutter
Dr. Camille Barnett – Managing Director
Rob Dubow – Finance Director
Stephen Agostini – Budget Director

WHAT: Mayor Nutter will provide an update to his September 11th statement on the city’s budget situation in light of recent events in the national and international financial markets.

WHERE: Cabinet Room, Room 221, City Hall, Philadelphia

WHEN: Wednesday October 8, 2008 3:30 pm

Continue Reading