Summary
As Philadelphia’s financial officials begin building the FY27 budget and monitor FY26 spending, they are also finalizing the books for FY25, which closed on June 30, 2025. A timely and accurate Annual Comprehensive Financial Report (ACFR) is essential for transparency, legal compliance, and continued access to capital markets, with a February 28 deadline tied to the City’s bond disclosure agreements. Delays in issuing the ACFR could undermine investor confidence, raise borrowing costs, and threaten both public trust and access to critical state and federal funding.