The Intergovernmental Cooperation Agreement (ICA) outlines how PICA and the City will meet the fiscal oversight requirements of the PICA Act, detailing responsibilities for financial planning, reporting, and enforcement. Updated in 2023, the agreement ensures transparency and accountability by regulating fund management and permitting financial penalties if the City falls out of compliance. As a…

The Pennsylvania Intergovernmental Cooperation Authority (PICA) was established in 1991 in response to Philadelphia’s financial crisis, providing oversight and access to capital markets to restore fiscal stability. The Authority continues to review the City’s annual Five-Year Financial Plans and enforce compliance through quarterly reporting and the power to withhold state funds if necessary. Amendments in…

The second-quarter FY25 QCMR projects General Fund revenues at $6.27 billion, $11.7 million higher than the Q1 projection but still below the Five-Year Plan, while obligations have increased to $6.66 billion, $294.8 million higher than expected. The year-end fund balance is now projected at $584.3 million, $15.9 million higher than the Five-Year Plan but $58.2 million lower than the Q1 projection, representing 9.3% of revenues​.