Summary
The Board of the Pennsylvania Intergovernmental Cooperation Authority (“PICA”) at its Annual Meeting today unanimously approved the City of Philadelphia’s Five Year Plan for Fiscal Years 2023-2027 (the “Plan”). In approving the Plan, the Board held that the assumptions and estimates in the City’s Plan were reasonable and appropriate, and that the Plan projects positive year-end fund balances for the next five fiscal years. PICA also issued its annual Staff Report on the Plan; the Report identifies certain factors that might present risks to the Plan: • A slower than projected rate of economic growth; • the impact of gun violence in the City; • low fund balance levels; • pension funding; and, • overtime costs. In addition, the election for officers of the PICA Board was held. Kevin Vaughan was reelected Chair, Alan C. Kessler, Esquire, elected Vice Chair, Michael Karp elected Treasurer/Secretary and Courtney N. Richardson, Esquire, elected Assistant Treasurer/Secretary.