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

  • Submitted FY27-31 Five-Year Plan Fact Sheet

    Philadelphia’s submitted FY27-31 Five-Year Plan maintains positive General Fund balances in all five years, meeting the core requirement of the PICA Act, with the lowest projected balance of $59 million in FY29. The Plan includes deposits to the Budget Stabilization Reserve in FY27 and FY28, growing the rainy day fund to $345 million by FY28,…

    July 1, 2026

  • Foundations for the Five-Year Plan: Putting FY27-31 into Context

    Philadelphia’s FY27-31 Five-Year Financial Plan will be shaped by demographic, economic, and fiscal trends that influence the City’s budget outlook. Over the past decade, the City has seen job and population recovery, stronger revenue collections, improved pension funding, upgraded credit ratings, and higher reserves, while persistent challenges remain around household income, poverty, unemployment, and reliance…

    June 25, 2026

  • 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

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