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Council hearing flags rising debt service and limited reserve coverage in FY27 plan
Summary
Council members pressed finance on reserve policy and rising debt service in the administration's FY27 plan, citing that the city meets the GFOA two-month reserve recommendation only in FY25 and that tax-supported debt-service costs rise through FY27; officials said a large pension balloon payment later in the plan will reduce fixed costs.
The Philadelphia City Council Committee of the Whole questioned administration finance officials on the city’s long-term fiscal outlook as they reviewed the proposed FY27 budget.
Council member Catherine Gilmore pressed the administration on the Government Finance Officers Association recommendation that general-purpose governments hold at least two months of unrestricted general-fund operating expenditures in reserves. "GFOA recommends at a minimum that general purpose governments maintain unrestricted budgetary fund balance in their general fund of no less than 2 months of fund operating expenditures," Gilmore said,…
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