Monthly Economic Report – Majority of City’s Expenditures Spent Locally

Audit Date: December 30, 2014
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release
Dec. 30, 2014

Contact: Brian Dries

Majority of City’s Expenditures Spent Locally
City Controller’s economic report indicates 70% of City’s spending
goes to entities located in Philadelphia

November 2014 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released the latest monthly economic report that indicated more than $4 billion, or 70 percent, of the City’s expenditures since July 2013 were paid to entities with offices in Philadelphia.

Over the last year and a half, the City expended at least $5.7 billion for services, resources and other payments, which were reviewed for the economic report. A large portion of the local amount went to entities with offices located in Center City and West Philadelphia. The highest paid entity, Community Behavioral Health Services located on East Market Street, received $1.2 billion.

Other neighborhoods where large amounts of expenditures went to entities included the Far Northeast (19116 and 19154), a section of North Philadelphia in the Hunting Park neighborhood, Germantown and neighborhoods around the Southwest section of the City.

Of the $1.7 billion that was not expended to entities located within the City, more than $650 million went to entities located in Pennsylvania and the remaining $1 billion went to those with addresses located across the country as well as outside of the United States.

In addition to reviewing expenditures, the Controller’s economic report showed that tax revenues for the City and PICA portions for November totaled $175 million, which is a two percent increase over monthly collections last year. In addition, monthly home sales were almost 11 percent above sales recorded last November.