Financial Oversight for the City of Philadelphia


PICA provides independent oversight of Philadelphia’s finances to promote long-term fiscal stability and accountability. Explore our publications to access reports, analyses, and financial reviews that inform policy and guide decision-making.

Newest PICA Publications

  • Five-Year Plan Requirements

    Each year, as required by the PICA Act and the Intergovernmental Cooperation Agreement (ICA), the City of Philadelphia produces a Five-Year financial plan. PICA’s board is responsible for approving the plan, ensuring that projections over the next five fiscal years are balanced, reasonable, and based on consistent methods. The criteria for approval are detailed in…

    June 16, 2026

  • Quarterly OT Report FY26 Q3

    Citywide overtime spending reached $216.0 million through FY26 Q3, $13.6 million lower than the same period in FY25, though full-year overtime is still projected to reach $344.1 million. Overtime remains driven by persistent vacancies, pay increases, snow event response, and increased special events. Improved staffing helped reduce the General Fund vacancy rate to 13.9 percent,…

    May 28, 2026

  • QCMR Summary FY26 Q3

    The City’s projected FY26 General Fund balance is now anticipated to reach $799.8M (12.6% of revenues), growing by $290.6M from Q2 to Q3. This increase is encouraging but was made possible in large part by non-recurring factors, like an additional $144.3M in liquidated prior-year encumbrances, reduced obligations due to later-than-anticipated bond issuance, Labor Reserve realignment,…

    May 28, 2026

The mission of the Authority, as stated in its enabling legislation, is as follows:

It is hereby declared to be a public policy of the Commonwealth to exercise its retained sovereign powers with regard to taxation, debt issuance and matters of Statewide concern in a manner calculat­ed to foster the fiscal integrity of cities of the first class to assure that these cities provide for the health, safety and welfare of their citizens; pay principal and interest owed on their debt obligations when due; meet financial obligations to their employees, vendors and suppliers; and provide for proper financial planning procedures and budgeting practices.

Michael A. Karp

Secretary / Treasurer

Rosalind W. Sutch

Assistant Secretary / Treasurer

Patrick Burns

Board Member