Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY22-26 presents Philadelphia’s fiscal roadmap for maintaining balanced budgets while addressing ongoing economic challenges and policy priorities. The plan incorporates updated revenue projections, expenditure estimates, and reserve allocations to manage risks related to labor contracts, pension liabilities, and economic uncertainty. Key focus areas include maintaining service levels, ensuring sustainable long-term growth, and strengthening financial reserves to mitigate potential fiscal disruptions. The plan’s projections are based on reasonable and consistent assumptions, ensuring compliance with financial oversight requirements while enabling Philadelphia to maintain its fiscal health and strategic priorities.