Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY23-27 provides an in-depth analysis of Philadelphia’s revenue and expenditure outlook, addressing the challenges of post-pandemic economic recovery. The plan highlights projected revenue increases driven by tax collections, federal aid, and economic growth, alongside anticipated spending on essential services, public safety, and infrastructure. It assesses key financial risks such as pension liabilities, labor costs, and potential economic downturns, which could strain the City’s budget. The report also evaluates strategies to manage debt obligations, maintain fund balances, and ensure long-term fiscal stability. The document underscores the importance of structural balance and proactive financial planning to sustain Philadelphia’s economic health while meeting critical service demands.