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Philly’s coronavirus budget could leave city with just $51 million in savings by next summer

Philadelphia is projected to have just $51 million in cash left by next July, as the city expects to have spent $387 million of its long-term reserves to weather the economic impact of the coronavirus.

The $51 million fund balance projected for the end of the fiscal year that begins Wednesday leaves very little wiggle room to handle additional expenses or lost revenue. City officials also expect to have a $50 million fund balance by July 2022, the end of the following fiscal year.

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by Anonymousreply 9August 10, 2020 10:36 PM

Hahahaha! This was our plan all along.

by Anonymousreply 1August 9, 2020 8:04 PM

Dats alotta meth!

by Anonymousreply 2August 9, 2020 8:15 PM

So? Philadelphia only had 1.5 million people. That's enough.

by Anonymousreply 3August 9, 2020 8:25 PM

I love Philly deep down, but I fucking hate it also. It's a shithole. Literally and figuratively. Full transparency: I was mugged on one of the trains there in 2009. Just sitting there. It was maybe 7:30pm, I stuck out like a sore thumb I suppose. Gave them my phone and what I had in my wallet. But before that and of course, afterward, I felt it was a shitty city, seemingly unaware of how precious and important it is, to the World really. The people it elects seem to only take care of the touristy parts. They don't appear to want to attract new industry/business. It's always seems to lack a longterm vision as a City in recent decades.

Going completely broke and starting all over again could be the best thing for it.

by Anonymousreply 4August 9, 2020 8:31 PM

The city is a billion times worse since Kenney took over. The place is falling apart. It was having a nice, trendy resurgence for over a decade, then this idiot comes along and blows it.

by Anonymousreply 5August 10, 2020 10:25 AM

Guess they'll finally have to revise those DROP pension rules, where a 50K year prison guard can retire with a 300K bonus and 90K year in pension for the rest of their lives.

by Anonymousreply 6August 10, 2020 11:11 AM

You think that's bad, how about this:

California was projecting a $5.6 billion surplus in January. The pandemic quickly transformed that into a $54 billion deficit.

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by Anonymousreply 7August 10, 2020 11:55 AM

Dear R5: if you were to take off your myopic eye glasses, and see beyond the pretty, shiny, dazzling buildings of Center City and adjacent areas, you'll see a very poor city. Of the 10 largest cities in the US, Philly is by far the poorest with a huge concentration of poor, crumbling schools and infrastructure and high rates of crime. It's been like this for decades, and it's hardly Kenney's fault, the poverty and blight being ignored by successive administrations, most egregiously by Kenney's predecessor, Michael Nutter.

Where Kenney has failed is convincing gullible morons like you that everything is ok, that the pretty, shiny veneer of Center City is city wide, when the fact of the matter is the city is a god damned mess. I'm sorry if the poors have crept into your line of vision as you mince and prance from cafe to cafe, tony shop to tony shop.

by Anonymousreply 8August 10, 2020 12:14 PM

R8, wtf are you talking about??! I live in Philly. I know the entire city. It’s a disaster. That soda tax money went missing, the last minute deal to open an injection facility, infrastructure falling down, potholes everywhere, trash not picked up for weeks. Go fuck yourself, idiot. This was not the fault of Nutter.

by Anonymousreply 9August 10, 2020 10:36 PM
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