Phillies fans are painting the town red.

In the process they may also be turning the town green. And that just might have Mayor Michael Nutter in the pink.

The Phillies appearance in the National League Championship Series could mean as much as $20 million pouring into the region’s coffers.

Those estimates are from the city Commerce Department and Philadelphia Sports Congress, a division of the Philadelphia Convention & Visitors Bureau.

They believe the visiting fans, media, sponsors and other descending on the city could empty their pockets to the tune of $17 million in direct spending. Another $3 million could be reaped from various taxes and parking revenues.

It couldn’t come at a better time. Yesterday Nutter indicated the city’s economic squeeze was worse than first expected.

The city is being hurt by the same factors that are rattling the nation and world.

Nutter said the budget shortfall, at first thought to be in the neighborhood of $450 million, now might be more like $850 million.

The mayor announced he was freezing bonuses for 4,500 non-union employees. He also wants City Council and the court system to slash their budgets by 5 percent.

Yep, the Phils are painting the town red.

So is Nutter. Only he’s painting it with red ink.