Mayoradministration presents $2.3 billion in new operating investments and multi-year capital program to Council

The Committee of the Whole of the Philadelphia City Council opened a public hearing on the administration's proposed fiscal 2026 operating budget, the six-year capital program and a five-year fiscal plan. Tiffany Thurman, chief of staff to Mayor Parker, told the panel the five-year plan includes $2,300,000,000 in new operating investments and almost $1,500,000,000 in new capital investments and balances major priorities with the city's fiscal stability.

Why it matters: the package would fund major new city initiatives and long-term tax changes while the city faces the end of one-time federal American Rescue Plan funding and a large pension-bond payment due in fiscal 2029. Administration leaders said the plan aims to preserve at least 6% to 8% in reserves across the five-year horizon.

Thurman summarized the administration's five priorities for the plan: housing, multi-year contracts for city workers, tax reform, the city's wellness ecosystem, and preparations for 2026 special events. On housing, she said the plan includes "two $400,000,000 borrowings as part…