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.
Philly s Budget Woes Leave City With ‘Painful Decisions on Taxes, Services Filling a budget gap for fiscal 2022 means that “everything is on the table,” said Marisa Waxman, the city’s budget director By Kennedy Rose | Philadelphia Business Journal •
Published February 5, 2021 •
Updated on February 5, 2021 at 9:16 am
Jumping Rocks/Universal Images Group via Getty Images
Philadelphia’s pandemic-driven budget shortfall makes decisions on providing services and meeting the city’s $11.8 billion pension obligation more challenging, the Philadelphia Business Journal reports.
Philadelphia projected close to a $750 million budget gap for fiscal year 2021, and Mayor Jim Kenney’s administration will unveil its next budget in March. Philadelphia has been lobbying federal lawmakers for replacement revenue, but the city can’t assume anything in its budget unless legislation has been enacted, said Rob Dubow, Philadelphia’s director of finance.
Coronavirus points to trouble for Philadelphia tax revenue if suburbanites keep working from home inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.
Residential Development Tax to Fund Affordable Housing Programs
Philadelphia s city council passed the city s first-ever residential development impact tax, a plan that could boost the city budget by $9 million a year. December 18, 2020, 6am PST | Diana Ionescu |
With a new 1% tax on residential development in Philadelphia, city leaders are moving to fund a $400 million bond package that supports building more affordable housing. The tax will be levied on new construction and is accompanied by a 10% reduction in commercial abatement. The reforms, part of a package known as the Neighborhood Preservation Initiative, will fund a variety of community development and affordable housing programs. In a move seen by many as appeasing developers, the city council also voted to push back the commercial abatement reduction by a year.