WHEREAS, The national economy is experiencing the most severe financial crisis since the 1930's with the National Bureau of Economic Research recently announcing the country is officially in a recession that began in December of 2007; and
WHEREAS, More than in any recent recession or near recession, cities and towns are taking the brunt of effects while local governments continue to face increased local budget demands to accommodate services; and
WHEREAS, The City of Philadelphia's five-year financial plan now has more than $1 billion gap as a result of this economic downturn and loses in the city's pension fund, causing the administration to announce plans to eliminate jobs, overtime and city services while delaying tax reductions; and
WHEREAS, Every reasonable step should be taken to help alleviate the City's current economic condition; and
WHEREAS, The Federal Government has announced that is planning to invest billions in a rescue program designed to stimulate local economies; and
WHEREAS, The City of Philadelphia should be prepared to actively take advantage of any targeted outlay of federal resources; now, therefore be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, THAT The Council President is hereby authorized to direct the Committee on Fiscal Stability and Intergovernmental Cooperation to take the following actions:
(a) To examine actions the City could take to stimulate the local economy, including actions the Mayor and the Executive/Administrative branch may take, as well as actions that would require Council to act by ordinance.
(b) To research actions that can be taken to stimulate the local economy as well as recommend actions that should be taken in response to any federal stimulus targeted for local municipalities and
(c) To issue a written report to the Council by January 22, 2009, summarizing the findings and recommendations of the Committee, and detailing the steps that need to be taken to implement those recommendations.
End