Morningstar Inc. said a plan by Mayor Michael Nutter to
reduce the city’s annual budget surplus by more than 50 percent is a
"concern," according to
Bloomberg. Reducing the surplus would drop it to $50 million from $107
million, according to the story.
Here's more:
Nutter said in a
statement that he would set aside more than $44 million for potential labor
costs, which [analyst Rachel] Barkley
called “a positive note.” Nutter’s $4.5 billion spending plan for the year
beginning in July awaits approval by the city council.
The budget also calls
for $146 million in capital spending and $131.5 million of new
general-obligation bonds, the highest sums for each since 2001, Barkley said.
The nation’s fifth-most populous city had $8.6 billion in debt as of December,
a bond document shows.
Source: Philadelphia
Business Journal
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