Summary
The PICA Board convened on April 19, 2022, to analyze Philadelphia’s economic recovery and long-term financial planning. Executive Director Harvey Rice presented tax revenue updates, noting that wage tax collections were rebounding but commercial real estate vacancies remained a concern. The Board discussed the impact of remote work on wage tax revenues and requested additional analysis on business decentralization trends. Additionally, the Board approved Resolution 2022-07, authorizing a $9,000 contract for Charles Swanson to conduct revenue analysis for the upcoming Five-Year Plan. The meeting concluded with discussions on pension funding, overtime spending, and the City’s investment strategy.