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

  • QCMR Report FY25 Q3

    The Q3 report projects higher revenues and slightly higher spending than earlier estimates, resulting in a General Fund balance of $882 million—13.6% of revenues and well above the City’s internal target. Notable adjustments include increased revenue from Wage and Business Taxes, reduced personnel and debt service costs, and increased spending on 2026 events and wellness…

    May 21, 2025

  • PICA Fact Sheet: Bond Authorizations

    With legislation related to proposed H.O.M.E. Initiative borrowing set for introduction this week, it’s a good time for a refresher on how bond authorization works in the City of Philadelphia. When the City plans major long-term investments, it must obtain City Council authorization to borrow funds—though authorization does not automatically mean borrowing occurs immediately. Borrowing…

    May 19, 2025

  • When is a Budget Cut Not a Budget Cut?

    A proposed budget reduction isn’t always a true cut—sometimes it reflects the end of one-time costs, a shift in responsibility to another department, or reduced demand for services. For instance, FY26 budgets for Parks & Recreation and Homeless Services are lower than FY25, but not all changes imply service reductions. To discern real impacts, stakeholders…

    March 31, 2025

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

Policy. 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