Publications

In addition to regular reports and City updates, the Board will hear a presentation on grants administration benchmarking and recommendations. Members will review the minutes from the March meeting and open the floor for public comment. The agenda will also include time for new business before adjourning.

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 Intergovernmental Cooperation Agreement (ICA) outlines how PICA and the City will meet the fiscal oversight requirements of the PICA Act, detailing responsibilities for financial planning, reporting, and enforcement. Updated in 2023, the agreement ensures transparency and accountability by regulating fund management and permitting financial penalties if the City falls out of compliance. As a…

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…

Persistent staffing shortages have caused Philadelphia to underspend by over $200 million on employee wages across FY23 and FY24, as actual vacancies far exceeded budget assumptions. The report weighs whether vacancy rates in future budgets should be revised upward to improve transparency and flexibility. Regardless of the approach taken, clearer and more consistent disclosure of…

The Board heard a detailed presentation on the proposed FY26 Commonwealth budget, including investments in education, healthcare, and cannabis regulation, followed by a discussion on the future of Philadelphia’s row offices. Updates from the City covered Q2 fiscal projections and new federal funding reserves. The Board approved three resolutions: revenue analysis services, PICA’s FY26 operating…

PICA’s Board reaffirmed its long-standing recommendation to eliminate Philadelphia’s independently elected row offices of the Sheriff and Register of Wills, citing persistent operational, financial, and accountability failures. The resolution references prior audit findings and media reports documenting systemic issues, including poor fiscal controls, service delays, and alleged politically motivated employment practices. The Board urges City…

The Board will review minutes from the prior meeting, receive updates and staff reports, and invite public comment. Members will consider and vote on Resolution No. 2025-11, a recommendation regarding Row Offices. The meeting will conclude with time allotted for new business.

The second-quarter FY25 QCMR projects General Fund revenues at $6.27 billion, $11.7 million higher than the Q1 projection but still below the Five-Year Plan, while obligations have increased to $6.66 billion, $294.8 million higher than expected. The year-end fund balance is now projected at $584.3 million, $15.9 million higher than the Five-Year Plan but $58.2 million lower than the Q1 projection, representing 9.3% of revenues​.

PICA approved its FY2026 Operating Budget, ensuring continued funding for the Authority’s financial oversight responsibilities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.

PICA renewed Ballard Spahr LLP’s engagement as General Counsel for one additional year, retroactive to February 20, 2025. The renewal follows the terms of the original agreement, which allows for three one-year renewal options at PICA’s discretion.

At this meeting, the Board approved the reappointment of Executive Director Marisa Waxman and received updates from the City, including labor contract developments and early FY26 budget planning. Staff highlighted delayed responses from the City regarding wellness center spending and previewed upcoming reports on tax revenue forecasting and overtime. The Treasurer’s Report and a discussion…

PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2026-FY2030 Five-Year Financial Plan, for a fee not exceeding $9,000. This engagement ensures that PICA can assess the accuracy and reasonableness of the City’s financial projections.

The agenda for the January 21, 2025, board meeting includes updates from the City of Philadelphia, reports from the Executive Director and Treasurer, and a vote on Resolution No. 2025-07, which concerns the reappointment of the Executive Director. The meeting will also include time for public comment and new business discussions before adjournment.

PICA reappointed Marisa G. Waxman as Executive Director for a new term, effective January 29, 2025. The appointment remains in effect until a successor is appointed, or her employment is otherwise terminated or resigned.

Class 800 tracks transfers from the General Fund to other City funds, such as the Water Fund, Housing Trust Fund, and Budget Stabilization Reserve (BSR), as well as operating dollars allocated to capital projects. Spending in this category is highly variable and has grown significantly since FY14 due to new City Charter mandates and expanded…