Summary
Philadelphia’s FY24 Annual Comprehensive Financial Report (ACFR) received an unmodified audit opinion, confirming its accuracy and reliability. While the report shows a modest decline in the General Fund balance and locally generated revenues, PICA Tax revenues grew, and debt service remained a stable portion of total spending. The ACFR is a valuable tool for understanding the City’s year-end financial condition, though it is not designed for tracking current budget performance or projecting future trends.