PICA approved the City of Philadelphia’s FY2024-FY2028 Five-Year Financial Plan after determining that it meets all applicable legal and financial criteria outlined in the Pennsylvania Intergovernmental Cooperation Authority Act and the Intergovernmental Cooperation Agreement. This approval confirms the City’s financial projections and strategies for the next five years, ensuring compliance with statutory requirements.

PICA recognized and expressed appreciation for the service of T. Roderick Henkels, who served on the governing board from 2021 to 2023. His leadership contributed to maintaining Philadelphia’s financial stability.

PICA retained Angela Bird to provide consulting services for analyzing the City’s revenue, expenditures, and overtime data, preparing monthly reports. The engagement is based on a proposal dated June 1, 2023, with a compensation rate of $50 per hour.

PICA approved a new Intergovernmental Cooperation Agreement (ICA) with the City of Philadelphia, replacing the prior agreement that expired upon full repayment of PICA’s bonds. This ensures continued financial oversight in accordance with the Pennsylvania Intergovernmental Cooperation Authority Act.

PICA delegated hiring authority to the Executive Director to fill two staff vacancies for Deputy Executive Director and Analyst positions. This authorization ensures operational continuity and adherence to the Authority’s employment policies.

PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2024-FY2028 Five-Year Financial Plan, for a fee not exceeding $9,000. This engagement ensures that financial projections remain reasonable and aligned with PICA’s oversight responsibilities.

PICA recognized and expressed appreciation for the service of Courtney Richardson, Esq., who served on the governing board from 2021 to 2023. Her leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.

PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Ms. Richardson as Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.

PICA approved the City of Philadelphia’s FY2023-FY2027 Five-Year Financial Plan, confirming that it meets the statutory requirements under the Pennsylvania Intergovernmental Cooperation Authority Act. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.

PICA approved the use of $380,000 in surplus bond proceeds to fund additional capital projects, including library elevator modernizations and roof replacements. This allocation ensures the continued improvement of public facilities in Philadelphia.

PICA retained Angela Bird to provide consulting services for analyzing the City’s revenue, expenditures, and overtime data, preparing monthly reports. The engagement is based on a proposal dated December 20, 2022, with a compensation rate of $50 per hour.

PICA reappointed Harvey M. Rice as Executive Director, extending his term to continue overseeing the Authority’s financial oversight responsibilities. His appointment remains in effect until a successor is appointed, or his term is otherwise concluded.