Fiscal Year 2024 is underway in Philadelphia, with a wide range of new investments and initiatives to propel the city forward and better serve its residents.
With the Fiscal Year 2024 budget, there will be a continued investment in public safety, thriving neighborhoods, inclusive economic growth, and education. Additionally, it will provide critical investments throughout the city while safeguarding the current fiscal stability and continuing to ease the tax burden on residents and businesses.
The Fiscal Year 2024 budget also allocates funds for specific recruitment and retention investments, including hiring bonuses for public safety and other hard-to-fill positions; dedicated police recruitment funding; and an extension of the city’s parental leave benefit from four to six weeks.
Keeping Residents Safe
Reducing violence and keeping Philadelphia residents safe is a top priority. This year’s budget places an emphasis on crime reduction and investments in violence prevention.
Over $233 million will be invested in reducing and preventing violence. This includes $14.7 million in funding for forensic operations and $9.2 million for analytical work for Operation Pinpoint over the next five years, which will decrease violent incidents in neighborhoods with higher crime rates.
Capital funds will also be invested, including $22.5 million for a new forensic laboratory and $9.8 million for renovations of existing police facilities throughout the city.
Investing in Quality Education
Education, from preschool to college, remains fundamental to improving the lives and opportunities of Philadelphia residents.
PHLpreK will add 950 new spaces, bringing the total to 5,250 for this school year, and services in community schools will be expanded to include trauma support and additional assessment measures.
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The budget will also include $51 million for the Community College of Philadelphia, with $11.7 million dedicated to the Octavius Catto scholarship. The Five-Year Plan continues to invest in teachers and students with $282 million in funding for the School District of Philadelphia.
Inclusive Economic Growth
The Fiscal Year 2024 budget preserves and builds upon the city’s commitments to growth and inclusion by reducing business and wage taxes, which are now at their lowest rates in decades. Through prudent fiscal planning, the city has been able to continue incremental tax reductions while prioritizing long-term financial health.
In addition to adding $3 million to expand the Taking Care of Business commercial corridor program, the budget will include funding for 13 additional city planning staff members and $109.6 million in support of SEPTA.
The city will also allocate $6 million for the I-95 cap at Penn’s Landing and $5.75 million for waterfront development. Over the next five years, it will also invest over $1.5 million in the Philadelphia Parks and Recreation Inclusion Plan to ensure facilities are more accessible and welcoming to all residents.
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