Publications

Philadelphia relies on more than $1B in intergovernmental revenue each year, with the largest share coming from the PICA Tax, which supports flexible General Fund spending. Over the past decade, ROG grew at a compound annual rate of 5.9 percent, driven primarily by economic growth and wage gains, though non-PICA sources like federal and state…

Philadelphia’s Wage and Earnings Tax remains the City’s largest single source of General Fund revenue, projected to generate one-third of General Fund revenues from FY26 to FY30, not including the PICA Tax. Although rate reductions have modestly slowed growth, the Wage Tax has shown steady performance over the last decade, driven by compensation in sectors…

The City of Philadelphia’s business taxes, the Business Income and Receipts Tax (BIRT) and the Net Profits Tax (NPT), contributed 12.0 percent of General Fund revenues from FY16 to FY25, with BIRT accounting for more than 94 percent of business tax revenue. Although rates have steadily declined over the last decade, business taxes remain among…

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…

The Board heard updates on staffing, labor negotiations, and the City’s FY25 fund balance, and approved the use of surplus bond proceeds for the Cobbs Creek Wetland Mitigation Project. PICA staff reported on recent publications, ongoing intergovernmental coordination, and the upcoming Fall Forum, while independent auditors presented a clean opinion on PICA’s FY25 financial statements….

At this meeting, the Board will receive updates from the City regarding its Annual Financial Report for FY25 and Quarterly City Managers Report for the first quarter of FY26, along with reports from the Executive Director and Treasurer. Members will review the minutes from the October 21, 2025 meeting. Public comment and new business will…

Slides from the presentation by Marek Gootman, Non-Resident Fellow at Brookings Metro, for PICA’s 2025 Fall Forum: Turning Cooperation into Growth.

PICA’s 2025 Fall Forum brought together regional leaders to explore how intergovernmental and cross-sector collaboration can drive inclusive economic growth and long-term fiscal stability. Featuring insights from Brookings Metro and economic development experts from Detroit, Atlanta, Columbus, and New York, the event highlighted the importance of coordinated planning, private-sector leadership, and alignment across education, workforce,…

Philadelphia has more than doubled its General Fund spending on economic development over the past decade, but lacks a system-wide strategy to evaluate the return on those investments. This publication analyzes how the City reports economic development spending, compares Philadelphia to peer cities, and recommends clearer goals, outcome-based measures, and regular reporting to guide future…

The PICA Board approved the use of up to $10 million in surplus PICA bond proceeds to support the Cobbs Creek Wetland Mitigation Project, a public-private initiative led by the Cobbs Creek Foundation. The project will restore three miles of stream and 25 acres of wetlands, improving flood mitigation, water quality, and community access to…

The PICA Board approved a 3.3 percent increase in compensation for the Executive Director, effective November 1, 2025, in line with cost of living adjustments received by members of PICA’s staff. The resolution also adjusts the Executive Director’s paid leave accrual rate to reflect updated benefits. These changes recognize strong performance over the past year…

The Board approved the City’s FY26–30 Five-Year Plan after staff confirmed it met PICA Act requirements, with members highlighting labor reserves, staffing assumptions, and funding for schools and SEPTA. The Board also approved resolutions renewing audit and accounting services, re-electing current Board officers, and adopting the FY26 meeting schedule. Staff reported on the release of…

Philadelphia’s reserves improved significantly between FY20 and FY24, reaching 18 percent of General Fund revenues, the highest level in City history, but still below the median among ten peer cities. Despite this progress, projections in the FY26 to FY30 Five-Year Plan show reserves steadily declining, which may limit the City’s ability to respond to future…

At this meeting, the Board will hear a presentation on a capital funding request for Cobbs Creek, as well as the FY25 audit report from Maher Duessel. Members will receive updates from the City, along with reports from the Executive Director and Treasurer, and consider two resolutions—one related to a capital funding appropriation for Cobbs…

In FY25, PICA fulfilled its oversight responsibilities by approving the City’s Five-Year Financial Plan and analyzing quarterly trends in revenues, expenditures, and fund balances. PICA expanded its research agenda to include capital transparency, bond spending, and grants administration, producing accessible reports and fact sheets to inform the public. PICA also modernized its operations by upgrading…

Philadelphia’s credit ratings were reaffirmed at A1 by Moody’s and A+ by both S&P and Fitch—the highest the City has received in over 40 years, though still below most peer cities. Rating agencies highlighted strong reserves, declining debt, and the fiscal governance required under the PICA Act as key strengths, while noting long-term risks tied…