Philadelphia budget 2018

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Press Release. October 25, But the fund remains empty. Every year the budget is drafted, city officials predict too small of a balance to trigger deposits in it. When the city predicts it will have at least 3 percent of general fund appropriations left over at the end of a fiscal year, it is required by law to put 0. That money carried over into next year's budget, because the law requires savings based on projections, not cash on hand.

The city's low savings rate has a negative impact on its credit rating, making borrowing more expensive. It is unclear if Kenney will instruct his finance team to use some of the leftover cash to put money into a rainy -day fund for fiscal year In general, funds based on forecasts of surpluses are "unlikely to trigger savings," said Mary Murphy, state and local fiscal health project director for the Pew Charitable Trusts, who has studied government rainy-day funds.

Murphy said some governments make deposits to their rainy-day funds based on actual year-end surpluses. Even then, it could be tough to save. Of course, some argue that Philadelphia has many immediate needs that could use any extra cash.

Councilman Allan Domb, a fiscal hawk, said that if there is any extra money in the budget, he would like to see it go toward pensions rather than a rainy-day fund. City Controller Rebecca Rhynhart said she made her cash report in the interest of transparency and deferred to the mayor and Council on what to do with the balance.