The chairman of the city’s financial oversight board, Sam Katz, has resigned from the job, effective immediately.
Katz, a former finance consultant and three-time Republican mayoral candidate who has devoted himself for several years to a series of historical films about Philadelphia, sent a letter to Gov. Corbett resigning his seat on the Pennsylvania Intergovernmental Cooperation Authority.
The agency was created more than 20 years ago to help the city through a budget crisis and has since played a role reviewing the city’s five-year financial plans and passing judgment on their soundness.
In his letter to Corbett, Katz noted that the five-member board has just hired a new executive director, former deputy city controller Harvey Rice.
“This seems like the right time for me to exit to make room for another Board leader who can envision a new direction for PICA and work collaboratively to execute it with our new executive and other members of our dedicated Board,” Katz told the governor, who appointed Katz to the panel three years ago..
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