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Form Printable W2 2023 online Philadelphia Pennsylvania: What You Should Know

Philadelphia City Budget Overview (PDF) Taxes for 2 As approved by the Council, the 2 budget of the Executive Division includes a 4.7 percent increase in revenue for both the City's General Fund and Municipal Debt Service, with an expected surplus of 16 million, and a 2.8 percent decrease in City-provided financial services. The revenue increases come in spite of the city's fiscal outlook, which is currently projected to end in a deficit of 38 million — a decrease from the 40.9 million budgeted in the City's Budget Projection Worksheet. The City's annual deficit is more than three times the original forecast. The surplus in 2 is due to the City's investment of millions of dollars for public-private partnerships designed to create new sources of income, help restore the City's crumbling infrastructure, modernize services and boost the economy through more job creation. As described in more detail in the Department's  2017 Budget Overview (PDF), all the City's revenue sources have seen substantial growth over the last two years. Municipal Debt Service — The 2 budget includes a  Municipal Debt Service (MDS) increase of 2.6 percent, from 12.4 million to 12.6 million. This reflects the City's commitment to pay down much of the debt accumulated between 2023 and 2014, including a 14 million reduction in the General Fund's Share of the Debt Service as of 2018. The 2 budget also invests more to continue to reduce the City's budget deficit, so we can continue to invest in the city we love. Philadelphia City Budget Overview (PDF) City of Philadelphia Budget Overview FY 2023 Budget Projected Deficit (PDF) FY 2023 Budget Update (PDF) The City's budgeting process uses the five-year Budget Forecast Cycle; therefore, the FY 2023 budgeted deficit and current budget deficit of 13,900,000 and 13,930,000, respectively, in 2 are derived by projecting forward five (5) year amounts. As the City's budgeting process relies on three-year budgetary forecasts, a projected deficit or surplus of 13,900,000 in FY 2023 is also derived in accordance with the five-year budget forecast cycle. The FY 2023 deficit is projected to decline to 13,900,000 in FY 2019.

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