Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY19-23 (Revised Nov) presents a revised fiscal framework for Philadelphia, incorporating updated projections for tax revenues, pension costs, labor agreements, and debt obligations. The report highlights key financial risks, including the impact of wage tax changes, pension liabilities, and shifts in federal and state funding. The revised plan reflects updated expenditure allocations to align with changing budgetary needs while maintaining compliance with financial oversight requirements. It underscores the importance of financial discipline and long-term planning to ensure the City maintains fiscal stability over the five-year period.