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City of Philadelphia’s Projected Fund Balance $12.9 million more than Previously Projected

City of Philadelphia’s Projected Fund Balance $12.9 million more than Previously Projected

PICA Issues Staff Report on City’s 1st Quarterly City Manager’s Report

In PICA’s Staff Report on the City’s Quarterly City Manager’s Report (QCMR) for the first quarter of  FY16 the City’s projected Fund Balance is $12.9 million higher than projected previously in the FY16-20 Five Year Financial Plan.  In addition, the City ended FY15 with $83.2 million more in the General Fund than initially projected in the FY15-FY19 Five Year Plan, and $6.6 million more than was reported in the FY15 4th QCMR.

While the fund balance is projected to be higher than the previously projected fund balance, levels remain significantly below an ideal level.  These low fund balances present a financial risk to the City especially if economic growth should pause or scale back and/or the City incurs unanticipated costs.

In addition, the City’s projection of FY16 General Fund tax revenues increased $13 million from the Five Year Plan Projection.

To view the complete PICA Report click here.

PICA Annual Report for Fiscal Year 2015

PICA Annual Report for Fiscal Year 2015

The PICA statute requires the Authority to file an annual report with Commonwealth and City officials “describing its progress with respect to restoring the financial stability of assisted cities and achieving balanced budgets for assisted cities…” The annual report for year ended June 30, 2015 includes an overview of PICA and its role, a discussion of PICA’s work during FY15, goals for FY16, and long-term goals. The report also includes FY15 financial statements and a report of independent auditors. The report is available here.

City of Philadelphia Tax Revenue Update for October 2015

City of Philadelphia Tax Revenue Update for October 2015

Total General Fund tax revenue increased 7.5 percent through the first four months of FY16, with the real estate transfer tax performing particularly well.

General Fund tax collections totaled $180.0 million in October, according to the City’s preliminary revenue report, an increase of $9.0 million (5.2 percent) from the previous year.  To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for October 2015 click here.

PICA Posts Special Pension Commission Report

PICA Posts Special Pension Commission Report

For Special Pension Commission Report, click here.

For Exhibit 1 – Comparison Study for Act 44 Benefit Plan Study, click here.

PICA Urges BRT to Complete All Outstanding Appeal Hearings

PICA Urges BRT to Complete All Outstanding Appeal Hearings

Letter from PICA Chair calls on the Board of Revision of Taxes to complete all outstanding 2014 and 2015 appeal hearings by February 2016.  For letter, click here.

City of Philadelphia Tax Revenue Update for September 2015

City of Philadelphia Tax Revenue Update for September 2015

September wage and earnings and real estate transfer tax collections continue to outperform the projected growth rate.

General Fund tax collections totaled $168.0 million in September, according to the City’s preliminary revenue report, an increase of $6.5 million (4.0 percent) from the previous year.  To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for September 2015 click here.

 

Fiscal Year 2016 Board Meetings and Annual Meeting for Fiscal Year 2017

Fiscal Year 2016 Board Meetings and Annual Meeting for Fiscal Year 2017

Notice is hereby given that the Board of the Pennsylvania Intergovernmental Cooperation Authority will meet at 12:15 pm, Philadelphia, PA time, in the Authority’s conference room on the following dates:

Notice of PICA Board Meeting

Notice of PICA Board Meeting

Notice is hereby given that the Board of the Pennsylvania Intergovernmental Cooperation Authority will meet at 12:15 p.m. on Tuesday, September 22, 2015, in the Authority’s board room located at 1500 Walnut Street, Suite 1600, Philadelphia, PA 19102.

City of Philadelphia Tax Revenue Update for August 2015

City of Philadelphia Tax Revenue Update for August 2015

Collections for August show strong growth rates at or above current projections for most taxes, with the wage and real estate transfer taxes performing particularly well.

General Fund tax collections totaled $175.7 million in August, according to the City’s preliminary revenue report, an increase of $19.1 million (12.2 percent) from the previous year.  To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for August 2015 click here.

City of Philadelphia Ends Fiscal Year with $76.5 Million More than Projected

City of Philadelphia Ends Fiscal Year with $76.5 Million More than Projected

PICA Issues Staff Report on City’s 4th Quarter City Manager’s Report

In PICA’s Staff Report on the City’s 4th Quarter City Manager’s Report the City ended the fiscal year with $76.5 million more in the General Fund than initially projected in the Five Year Plan.  In addition, the City collected $34 million more in tax revenues than projected in the Plan.

Other significant findings include:

  • On-time waste collection declined to 76% in FY15.
  • Households receiving financial assistance for homelessness prevention and for ending homelessness increased for the first time since 2012 due to a partnership between the Office of Supportive Housing and Philadelphia Housing Authority.
  • Overtime increased $37.6 million above the initial Five Year Plan estimate.
  • Dependent children in placement increased 16%– from 4,473 in FY14 to 5,184 in FY15– due to new laws changing the definition of child abuse and stricter reporting requirements.
  • Visitors to Recreation Department facilities increased by 56 thousand and acres of grass mowed also increased.

To view the complete PICA Report click here.

Events Calendar

February 2016
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
January 31, 2016 February 1, 2016 February 2, 2016 February 3, 2016 February 4, 2016 February 5, 2016 February 6, 2016
February 7, 2016 February 8, 2016 February 9, 2016 February 10, 2016 February 11, 2016 February 12, 2016 February 13, 2016
February 14, 2016 February 15, 2016 February 16, 2016 February 17, 2016 February 18, 2016 February 19, 2016 February 20, 2016
February 21, 2016 February 22, 2016 February 23, 2016 February 24, 2016 February 25, 2016 February 26, 2016 February 27, 2016
February 28, 2016 February 29, 2016 March 1, 2016 March 2, 2016 March 3, 2016 March 4, 2016 March 5, 2016