Philadelphia’s FY24 Annual Comprehensive Financial Report (ACFR) received an unmodified audit opinion, confirming its accuracy and reliability. While the report shows a modest decline in the General Fund balance and locally generated revenues, PICA Tax revenues grew, and debt service remained a stable portion of total spending. The ACFR is a valuable tool for understanding…

PICA’s Fact Sheet on the City of Philadelphia’s FY23 Annual Comprehensive Financial Report (ACFR) provides an audited, detailed assessment of the City of Philadelphia’s financial position. The report highlights a 26% increase in the General Fund balance, stable locally generated revenues, and the City’s unmodified audit opinion, underscoring its compliance with GAAP and GASB standards while maintaining financial transparency.

PICA’s Fact Sheet on the City of Philadelphia’s FY23 Annual Financial Report (AFR) analysis reveals a higher-than-expected $982 million fund balance due to increased revenue from other governments and lower spending on personal services.

PICA’s Fact Sheet on the City of Philadelphia’s FY24 Annual Financial Report (AFR) provides a detailed, unaudited assessment of the City of Philadelphia’s actual revenue, expenditures, and fund balances for the fiscal year. The report reveals a significantly higher General Fund balance of $943 million—well above prior estimates—due to higher-than-expected revenues and lower-than-expected spending, particularly on salaries and benefits.