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Featured Publications
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q1
November 21, 2025
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…
PICA Reports on Philadelphia's Financial Reports
Fact Sheet
Fact Sheet: City of Philadelphia’s FY25 Annual Financial Report
November 10, 2025
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…
PICA Conferences and Events
Blog
Recapping PICA’s 2025 Fall Forum: Turning Cooperation into Growth
October 29, 2025
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,…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY26 Q1
November 21, 2025
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…
Board Materials
Minutes
Minutes for the Meeting of October 21, 2025
November 18, 2025
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….
Board Materials
Agenda
Board Meeting Agenda for November 18, 2025
November 11, 2025
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…
PICA Conferences and Events
Cooperating to Compete: Building Opportunity through a Shared Regional Economic Strategy and Implementation
October 29, 2025
Slides from the presentation by Marek Gootman, Non-Resident Fellow at Brookings Metro, for PICA’s 2025 Fall Forum: Turning Cooperation into Growth.
Spending Analysis & Outlook
White Paper
Catalyzing Growth: Tracking Philadelphia’s General Fund Investments in Economic Development
October 23, 2025
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…
Board Materials
Resolution
Resolution 2026-06 Approval of Funding for Additional Capital Projects
October 22, 2025
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…
Board Materials
Resolution
Resolution 2026-07 Executive Director’s Compensation
October 22, 2025
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…
Board Materials
Minutes
Minutes for the Meeting of July 28, 2025
October 21, 2025
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…
Reserves and Fiscal Stability
Issue Paper
Ranking Reserves: Benchmarking Philadelphia’s Financial Cushion
October 15, 2025
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…
Board Materials
Agenda
Board Meeting Agenda for October 21, 2025
October 14, 2025
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…
PICA Annual Report
Annual Report
PICA Annual Report FY2025
October 8, 2025
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…
Debt and Pensions
Fact Sheet
Making the Grade: Philadelphia Credit Ratings Affirmed in September 2025
September 29, 2025
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…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY25 Q4
September 4, 2025
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…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
FY25 Q4 QCMR Summary
August 29, 2025
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…
Debt and Pensions
Issue Paper
100 Percent Committed: Why Philadelphia Should Aim for Full Pension Funding
August 29, 2025
The City of Philadelphia has made significant progress toward fully funding its pension obligations, with reforms and steady contributions raising its funded ratio from 45 percent in FY16 to a projected 90 percent by FY30. The report explains how continuing on this path enhances credit ratings, lowers long-term costs, and strengthens the City’s fiscal stability,…
Board Materials
Resolution
Resolution 2026-05 FY26 Board Meeting Schedule
July 28, 2025
The PICA Board approved its schedule of regular meetings for Fiscal Year 2026 and the Annual Meeting for Fiscal Year 2027, as required under the Pennsylvania Sunshine Act. Meetings will be held monthly at 12:15 p.m. in PICA’s conference room at 1500 Walnut Street, with details also available on the Authority’s website. The resolution ensures…