Philly Budget Flush with Cash
A million bucks? Why not?
The city is flush with money!
Franklin’s Paine Skatepark Fund (FPSF) today announced that it has received a $1million capital commitment from the Philadelphia Parks & Recreation Department for the development of the Paine’s Park project, slated to be one of the nation’s largest and most prominent street-style skateparks. The capital commitment will allow FPSF to prepare for construction of Paine’s Park while continuing its fundraising efforts to secure the necessary endowment for the on-going maintenance of the park.
“The City of Philadelphia is committed to increasing recreational opportunities and public green space for residents and visitors,” said Mayor Michael A. Nutter. “Paine’s Park will not only enhance the landscape around the Benjamin Franklin Parkway, it will become a destination. I look forward to visiting the Park upon its completion and I hope my fellow Philadelphians will do the same.”
Oh shit, did I say flush?
Action News has learned the city of Philadelphia is facing yet another budget shortfall.
City Hall is now weighing a new round of budget cuts just three months after a spending plan was approved.
This is the result of shortfalls in revenue projections this summer which stem from the slowdown in the national recovery as the possibility of a double dip recession looms.
Sources say program and service cuts will be across the board, somewhere in the 5% range.
Police and fire will be excluded, but Mayor Michael Nutter has asked other department heads to prepare a list of cost saving measures.
… and the city’s pension fund. Utterly underfunded.