Philadelphia Budget Surplus Drop Concerns Morningstar
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Philadelphia Mayor Michael Nutter’s proposal to reduce the city’s annual budget surplus by more than 50 percent in a year “is a concern,” Morningstar Inc. said in a report.
Philadelphia’s surplus, known as the general-fund balance, would drop from $107 million this year to $50 million in fiscal 2015, and to $24 million the following year, analyst Rachel Barkley said in the report dated March 17.