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

  • 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

  • Proposed FY27-31 Five-Year Plan Fiscal Highlights

    Philadelphia’s proposed FY27–31 Five-Year Plan maintains positive fund balances in each year, but projects operating deficits in four of five years and a steady decline in reserves over time. Revenues are expected to grow by 10.3 percent over the Plan period, driven primarily by local taxes, while spending growth is more modest but still exceeds…

    March 17, 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