PHILADELPHIA (AP) — The state-created agency that oversees Philadelphia's finances has approved the city's five-year budget but is expressing concerns over narrow surplus predictions and potentially pricey union contracts.
KYW-AM (http://cbsloc.al/19b3W2o) said the five-member Pennsylvania Intergovernmental Cooperation Authority voted unanimously Tuesday to approve Mayor Michael Nutter's five-year spending plan.
The city controller and others had urged the board to reject the plan because there's not much of a cash cushion for emergencies.
PICA board chairman Sam Katz says assurances from the mayor's aides that those fund balances will improve was enough to satisfy him.
City finance director Rob Dubow said the fund balances will end up healthier, in part because of improved business tax revenues.
Information from: KYW-AM, http://www.kyw1060.com