Summary
The PICA Board convened on April 17, 2018, to assess economic conditions and their implications for Philadelphia’s financial future. Executive Director Harvey Rice presented the City’s tax revenue collections, noting a slowdown in real estate transfer tax revenue despite strong wage tax performance. The Board engaged in discussions about the potential long-term effects of remote work on tax collections and business tax filings. Additionally, the meeting covered upcoming budget priorities, with Board members expressing concerns about pension liabilities and unfunded obligations. The session concluded with legal updates on pending tax litigation and strategies to mitigate financial risks in the upcoming fiscal year.