Summary
The PICA Board convened on February 19, 2019, for a special session focused on the City’s financial stability and budgetary policies. Executive Director Harvey Rice provided an update on the City’s QCMR and revenue collections, noting improvements in fund balances and tax collections. Representatives from PEW Charitable Trusts delivered a presentation on best practices for Rainy Day Funds, comparing Philadelphia’s fund to other large cities. The Board also discussed the City’s progress in reducing overtime costs, noting that expenditures were at 71% of the budgeted amount, compared to 79% the previous year. Additional topics included bank reconciliation progress, tax collection improvements, and upcoming budget discussions. The meeting concluded with a discussion on Philadelphia’s fiscal resilience and financial planning strategies.