Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY12-16 provides a roadmap for Philadelphia’s fiscal management, evaluating revenue trends, spending obligations, and financial risks. The report highlights key challenges, including pension liabilities, labor agreements, and fluctuating tax revenues, and recommends policy adjustments to ensure budget stability. Strategies outlined in the plan include expenditure controls, enhanced revenue collection efforts, and maintaining adequate reserve levels. The report emphasizes the importance of long-term financial planning to sustain critical services while ensuring the City’s overall fiscal health.