Summary
The PICA Board convened on November 16, 2021, to evaluate Philadelphia’s long-term fiscal stability. Executive Director Harvey Rice presented findings on the Revised Five-Year Plan, highlighting increased fund balances but noting risks such as pension obligations and wage tax volatility. The Board approved Resolution 2022-05, endorsing the Revised Plan while emphasizing the need for greater financial discipline in labor contracts. Additional discussions covered overtime spending trends and the impact of federal infrastructure funding on City operations. The meeting concluded with updates on tax revenue performance and the City’s economic recovery efforts.