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It's Your Dime: Low City Budget Reserves
Is Philadelphia City Council playing it smart by proposing to tap into the cash reserves in the new budget scheduled to be voted on this week?
And why should taxpayers care?
Think of this issue as you would your checking account: You want to keep enough cash in there to cover you if a big, unexpected bill hits.
Critics of the new city budget say there's not enough cash in the reserve fund to protect against a crisis.
What could go wrong? Philadelphia could get smacked with big snowstorms as it did last winter, causing unexpected bills. The economy may tank again, and state aid would be cut. State legislators could argue for months before approving a new budget, slowing state aid to the city.
Critics worry cash reserves would be quickly used up, and a full-fledged budget crisis could hit.
One of those concerned is City Controller Alan Butkovitz, who joined Fox 29's Jeff Cole for his "It's Your Dime" report Tuesday.