Summary
PICA adopted Resolution No. 2021-01, approving the City of Philadelphia’s Five-Year Financial Plan for FY2021 through FY2025, including an Addendum requiring specific financial commitments. The resolution confirms that the plan meets statutory requirements outlined in the Pennsylvania Intergovernmental Cooperation Authority Act and the Intergovernmental Cooperation Agreement. As part of the approval, the City committed to revenue reductions outlined in the Addendum and agreed to provide monthly obligations similar to revenue collections. Additionally, the City must submit an overtime reduction plan by department by September 15, 2020. This decision ensures that Philadelphia’s financial planning aligns with long-term fiscal stability goals. The resolution takes effect immediately.