Summary
The PICA Board convened on October 25, 2022, to discuss Philadelphia’s financial position and oversight strategies. Executive Director Harvey Rice reported on the City’s tax revenue collections, highlighting concerns about wage tax declines and real estate tax appeals. The Board reviewed the City’s FY2022 Annual Overtime Report, noting that overtime spending reached a record $213 million, with significant overruns in the Police, Fire, and Streets Departments. Discussions included staffing shortages, workforce recruitment strategies, and the impact of crime on City operations. The Board also discussed real estate market trends and the long-term fiscal outlook for the City. The meeting concluded with an update on the City’s financial audit and upcoming City Council budget hearings.