Philadelphia’s FY25 Annual Comprehensive Financial Report received an unmodified audit opinion and shows continued improvement in the City’s financial position. The General Fund balance increased to $1.18 billion in FY25, up 16.3 percent from FY24, while locally generated revenues from taxes and fees grew 7.4 percent. The report provides a comprehensive, audited snapshot of the…

Citywide overtime spending reached $156.4 million through FY26 Q2, $3.2 million higher than the same period last year, with full-year spending projected to reach $340.0 million. Overtime remains driven by persistent staffing vacancies, pay increases, and operational demands such as special events and winter preparedness, though improving staffing levels have helped reduce the General Fund…

The City projects a FY26 General Fund balance of $509.2 million, or 8.1 percent of revenues, supported by a historically high starting balance even as operating deficits grow due to new reserve set asides and $50.0 million in unanticipated snow response costs. Total revenues are projected to be slightly above the Approved FY26–30 Plan for…

The City projects an FY26 General Fund balance of $638 million, or 10.0 percent of revenues, following a strong FY25 closeout driven by higher-than-expected tax revenues, and underspending in key areas like employee compensation. While FY26 Tax projections have been adjusted upward—particularly from BIRT—volatility remains, and spending projections increased due to collective bargaining agreements and…

Citywide overtime spending totaled $76.8 million through Q1 of FY26, a 9.1 percent increase over the same period in FY25, with projections showing $338.5 million for the full fiscal year. Higher spending was driven by continued staffing vacancies, contractual pay increases, and strike-related service disruptions, particularly in Police, Fire, and Sanitation. While overall vacancy rates…

Philadelphia ended FY25 with a $1.19 billion General Fund balance—more than double the original estimate and exceeding GFOA-recommended reserve levels—due to stronger-than-expected tax revenues and underspending driven by staffing vacancies and unused reserves. Revenues exceeded updated projections by nearly $79 million, while expenditures came in $251 million lower than anticipated, especially in employee compensation and…

Overtime spending reached $153.2 million through Q2, a 14 percent increase over the same period in FY24, driven by persistent public safety vacancies, election-related operations, and the addition of a new City holiday. The City now projects total FY25 overtime spending will reach $300 million, exceeding the adopted budget by nearly $15 million. Despite some…

Philadelphia spent $313.7 million on General Fund overtime in FY25, exceeding the adopted overtime budget by 10 percent and marking a nearly 19 percent increase over FY24. Major drivers included contracted pay increases, persistent public safety staffing shortages, emergency responses, and special events like the Eagles’ Super Bowl run and the presidential election. While some…

The FY25 Q4 Quarterly City Managers Report (QCMR) projects increased General Fund revenues and increased spending compared to the approved FY25-29 Five-Year Plan, but a $46M decrease in revenues compared to Q3, with lower expectations from the Real Estate Tax and Sheriff fees. Overall, the City anticipates $384M more in revenue than FY24, driven by…

Overtime spending reached $229.6 million through Q3—22% higher than the same period last year—driven by persistent public safety vacancies, emergency events, and celebrations tied to the Eagles’ Super Bowl win. Citywide overtime is now projected to exceed the FY25 adopted budget by $22.9 million, with Fire, Police, and Prisons accounting for the largest increases. Departments…

The Q3 report projects higher revenues and slightly higher spending than earlier estimates, resulting in a General Fund balance of $882 million—13.6% of revenues and well above the City’s internal target. Notable adjustments include increased revenue from Wage and Business Taxes, reduced personnel and debt service costs, and increased spending on 2026 events and wellness…

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…