ADOPTED

City Council adopted a resolution approving a revised five-year financial plan for fiscal years 2005 through 2009, subject to changes before the plan was submitted to the Pennsylvania Intergovernmental Cooperation Authority. The plan included specified wage, net profits, and business privilege tax rates; annual funding restorations and spending reductions for city programs and departments; scholarship transfers; and an option for citywide departmental payroll cuts of up to 1.5% beginning in fiscal year 2006.

Approving a Revised Five Year Financial Plan for the City of Philadelphia covering Fiscal Years 2005 through 2009, subject to certain terms and conditions.