Summary
The Intergovernmental Cooperation Agreement (ICA) outlines how PICA and the City will meet the fiscal oversight requirements of the PICA Act, detailing responsibilities for financial planning, reporting, and enforcement. Updated in 2023, the agreement ensures transparency and accountability by regulating fund management and permitting financial penalties if the City falls out of compliance. As a codified partnership, the ICA strengthens Philadelphia’s financial governance and helps prevent future crises.