Summary
Philadelphia’s recent fiscal performance and FY27-31 projections show a transition from strong reserve buildups from FY21-25 to a Five-Year Plan shaped by planned investments, operating deficits, and lower reserve levels. Pension funding and General Fund revenues are projected to improve over the Plan period, while long-term obligations are expected to peak in FY29 before returning closer to prior levels. Comparing audited FY21-FY25 results with future projections provides context for understanding Philadelphia’s fiscal trajectory, reserve planning, and long-term budget flexibility.