PHILADELPHIA-The city is facing a tax revenue shortfall of $13.5 million this fiscal year, prompting a freeze on hiring and expenditures for supplies and equipment, officials said Wednesday. And according to the Philadelphia Business Journal, an anticipated 2% reduction is also on the way for city departments in the coming weeks.
The newest round of belt tightening will be done on top of the more than $20 million in cuts Mayor Michael Nutter announced last month to keep the city’s general fund from running dry under the budget passed by the City Council.
Among the shortfalls, the city’s business privilege tax collections are down $5.5 million from expectations, the real estate tax is down $15 million and the real estate transfer tax is down $4.1 million.
Click here to read the full Philadelphia Business Journal article.
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