Summary
PICA’s Staff Report on The Five-Year Financial Plan for FY24-28 provides an analysis of the City of Philadelphia’s financial outlook, detailing revenue and expenditure projections, risks to financial stability, and strategies to maintain fiscal responsibility. The plan incorporates key elements such as projected tax revenues, departmental obligations, pension contributions, and planned reserve fund allocations. It identifies risks including potential economic downturns, rising employee benefit costs, and increased public safety expenditures, recommending measures to mitigate these risks. The report emphasizes maintaining positive fund balances, continued contributions to the Budget Stabilization Reserve, and strategic labor negotiations to control future wage growth, ensuring the City remains on a stable financial path over the five-year period.