August 12, 2016 |
The cash-strapped Philadelphia School District will begin trolling for more tax dollars from city properties that have been significantly under valued, officials announced Tuesday. The district will seek proposals from law firms, real estate appraisers and other professionals to help identify properties that are assessed at least $1 million under their actual value and appeal those assessments. District officials aren't sure how much money the effort will bring in, but said the district needs all tax revenue to which it is entitled.
August 12, 2016 |
'Sooner or later, we are either going to have to pay for journalism or we are all going to pay for it," John Oliver warned in his HBO show Last Week Tonight . On Sunday, Oliver took aim at the declining newspaper industry in the United States, citing diminishing advertising revenue as the Fourth Estate's death knell if people continue not buying subscriptions. Between 2004 and 2014, online ad revenue generated $2 billion in profit, Oliver said, while print ad revenue fell by $30 billion.
August 3, 2016 |
Editor's note: This story's online headline has been changed to reflect the correct amount of tax revenue. The city's coffers received an estimated $3 billion in tax revenue, $88 million more than expected, for fiscal year 2016. The added cash was a result of an increase in home sales and job growth, according to the city controller's monthly economic report, released Monday. The report looked at June and also at the full fiscal year, which ended June 30, and compared it with five years prior.
July 24, 2016 |
Shares of American Airlines rose Friday after the company reported second-quarter profit that beat Wall Street expectations. But on a year-over-year basis, revenue was down 4.3 percent and profits fell 44.3 percent. The bottom line was hurt by a $543 million provision for income taxes, capacity growth by competitors, continued global economic softness, and foreign currency weakness. Philadelphia's largest airline earned $950 million, or $1.68 per share, in the three months ended June 30, compared with $1.7 billion, or $2.41 per share, a year earlier.
July 3, 2016 |
Prospect Medical Holdings Inc. completed its $300 million acquisition of Crozer-Keystone Health System, the Los Angeles company said Friday. Prospect, which now owns 18 hospitals in California, Texas, Rhode Island, New Jersey, and Pennsylvania, said it offered jobs to "all Crozer-Keystone employees and management in good standing who are current as of the closing date. " Crozer, with about 6,000 employees, is Delaware County's largest employer, officials have said. Prospect, majority owned by private-equity firm Leonard Green & Partners, had $1.3 billion in revenue in the year ended Sept.
June 11, 2016
Watching Mayor Kenney's proposed legislation to tax sugary drinks wend its way toward expected City Council approval gives credence to the old saying that laws are like sausages: It's better not to see them being made. Philadelphia politics in particular can be pretty disgusting to watch, as moves and countermoves conceal true motives. The intent of Kenney's plan - to raise revenue to provide more early-childhood education opportunities for the city's children - is without question noble and needed, and Council's preliminary assent is a victory.
June 6, 2016
With only 25 days left before the constitutionally mandated deadline for a new state budget passes, talk in Harrisburg suggests there won't be a repeat of the partisan impasse that blocked a spending plan for the current fiscal year for nine months. But to quote an old saying: Talk is cheap. Especially when the talking thus far hasn't come from Gov. Wolf and Republican legislative leaders; it's come from surrogates whose reportedly cordial conversations have raised hopes that a budget deal won't be as hard to reach this time.
May 25, 2016 |
An agreement between Philadelphia, the Parking Authority, and ride-share businesses virtually guarantees that the School District will not see a financial benefit if a bill to regulate such services as UberX and Lyft is passed as written. Under the tax structure proposed by the bill, ride-share businesses would likely have to generate much more money than anticipated to create enough taxable income for the schools to benefit. The structure is primarily designed to ensure that the Parking Authority will recover the cost - as much as $4 million - expected to be spent on regulating an estimated 15,000 vehicles used in ride sharing, a PPA spokesman said.
May 20, 2016 |
New Jersey's revenues are projected to fall more than $600 million short of what is budgeted for the fiscal year ending next month, the state treasurer said Wednesday, in large part due to income-tax collections missing their marks. Acting Treasurer Ford Scudder told lawmakers that the Christie administration would fill the hole by shifting money from a number of areas that have underspent and cutting into the projected budget surplus. As for the next fiscal year, which begins July 1, the administration has revised the $34.8 billion budget Gov. Christie proposed in February, reducing projected income-tax collections by $443 million.
May 19, 2016 |
For the first time in years, Philadelphia School District officials did not go hat in hand when they presented a proposed $2.8 billion budget for city schools to City Council on Tuesday. But they told Council members that the district wanted to begin talks with city and state officials now about how to address a funding crunch that is expected in 2019 because projected costs are rising at nearly twice the rate as revenues. "Working together, we have an opportunity to develop a road map to head off these challenges," said Superintendent William R. Hite Jr. "We are committed to getting ahead of the problem, and want to work with the city and state now, while we have time provided by modest fund balances to find recurring sources of revenue.