Daily News | Here’s what’s in Mayor Jim Kenney’s budget proposal
Mayor Jim Kenney on Thursday will propose a $5.6 billion budget that includes no tax rate increases, but assumes real estate tax revenue will increase 4.5% after new property assessments are imposed, according to an administration summary obtained by The Inquirer.
Overall, the budget proposal would largely preserve the city’s status quo, with Kenney declining to call for any significant or unexpected changes in taxes or spending. The current city budget is $5.4 billion. The upcoming release of new real estate valuations, which have been frozen for three years as the city sought to reform its system for assessing properties and paused its assessment process during the pandemic, will play a major factor in the debate over the budget in Council., it assumes property tax revenue will grow more than $30 million based on increased valuations.
The proposal also leaves wage and business tax rates unchanged despite Kenney previously following recent administrations’ strategy of making small annual cuts. But administration officials told Council members and staff that they plan to revisit the rates once the property valuations are released. Most city departments would see flat or slightly increased spending under the plan. A significant exception are the city’s public safety agencies.
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