Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY18-22 (Revised Apr) provides an updated fiscal roadmap for Philadelphia, reflecting changes to economic conditions, revenue collections, and expenditure obligations since the initial adoption of the plan. Key elements include revised assumptions on wage tax growth, property tax revenue, and pension obligations, as well as updated projections for personnel costs and departmental expenditures. The plan also accounts for shifts in state and federal funding, potential financial risks, and mitigation strategies to maintain fiscal stability. Fund balance estimates have been adjusted to reflect these revisions, ensuring compliance with financial oversight requirements while positioning the city to meet its long-term budgetary commitments.