Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY09-13 assesses Philadelphia’s financial condition, highlighting revenue forecasts, expenditure trends, and budgetary risks. The report discusses the impact of economic conditions on tax revenue collections and evaluates strategies to manage pension liabilities and labor costs. It also identifies key risks, including rising prison costs, potential budget shortfalls in the School District, and financial uncertainties at Philadelphia Gas Works. The document outlines efforts to reduce debt obligations, streamline city services, and implement fiscal controls to maintain budget stability. Despite these measures, the plan warns of financial vulnerabilities that could affect the City’s ability to sustain long-term fiscal health.