Summary
Each year, as required by the PICA Act and the Intergovernmental Cooperation Agreement (ICA), the City of Philadelphia produces a Five-Year financial plan. PICA’s board is responsible for approving the plan, ensuring that projections over the next five fiscal years are balanced, reasonable, and based on consistent methods. The criteria for approval are detailed in the PICA Act and the ICA. PICA’s “Five-Year Plan Requirements” presentation provides an overview of these criteria and the requirements needed in the Plan to be approved by the PICA Board.