The Pennsylvania Intergovernmental Cooperation Authority (PICA) was established in 1991 in response to Philadelphia’s financial crisis, providing oversight and access to capital markets to restore fiscal stability. The Authority continues to review the City’s annual Five-Year Financial Plans and enforce compliance through quarterly reporting and the power to withhold state funds if necessary. Amendments in…

The PICA Act is the Commonwealth of Pennsylvania statute, originally passed in 1991 and most recently amended in 2022, that established PICA. It outlines the reasons why PICA is necessary and the structure and role of the Authority, as well as requirements for the City of Philadelphia.