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

  • Landing the Plane: Closing the Books on FY25

    As Philadelphia’s financial officials begin building the FY27 budget and monitor FY26 spending, they are also finalizing the books for FY25, which closed on June 30, 2025. A timely and accurate Annual Comprehensive Financial Report (ACFR) is essential for transparency, legal compliance, and continued access to capital markets, with a February 28 deadline tied to…

    December 10, 2025

  • QCMR Summary FY26 Q1

    The City projects an FY26 General Fund balance of $638 million, or 10.0 percent of revenues, following a strong FY25 closeout driven by higher-than-expected tax revenues, and underspending in key areas like employee compensation. While FY26 Tax projections have been adjusted upward—particularly from BIRT—volatility remains, and spending projections increased due to collective bargaining agreements and…

    November 21, 2025

  • Fact Sheet: City of Philadelphia’s FY25 Annual Financial Report

    Philadelphia ended FY25 with a $1.19 billion General Fund balance—more than double the original estimate and exceeding GFOA-recommended reserve levels—due to stronger-than-expected tax revenues and underspending driven by staffing vacancies and unused reserves. Revenues exceeded updated projections by nearly $79 million, while expenditures came in $251 million lower than anticipated, especially in employee compensation and…

    November 10, 2025

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