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PICA Reports on Philadelphia's Financial Reports
Fact Sheet
Fact Sheet: City of Philadelphia’s FY25 Annual Comprehensive Financial Report
March 9, 2026
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…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q2
February 26, 2026
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…
Budget Structure and Process
Issue Brief
5 Wishes for the FY27-31 5YP
January 21, 2026
As the City of Philadelphia prepares its FY27–31 Five-Year Financial Plan, PICA outlines five recommendations to strengthen the Plan’s transparency and accuracy and to improve the City’s fiscal condition. These include maintaining reserves and pension funding commitments, scoping initiatives more accurately, ensuring an adequate labor reserve, publishing capital spending data, and making staff vacancy assumptions…
Board Materials
Agenda
Board Meeting Agenda for March 17, 2026
March 9, 2026
At this meeting, the Board will receive updates from the City of Philadelphia on its proposed FY27 Budget and FY27-31 Five-Year Plan, along with reports from the Executive Director and Treasurer. The agenda does not include any resolutions for consideration at this meeting. Public comment and new business will follow prior to adjournment.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY26 Q2
March 4, 2026
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…
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: Property-related Taxes
February 18, 2026
Philadelphia’s Real Estate Tax and Realty Transfer Tax together generate about one-fifth of General Fund revenues, making them the City’s second largest revenue source. While the Real Estate Tax grows relatively steadily with property values and revaluations, the Realty Transfer Tax is far more volatile, responding sharply to interest rates, transaction volume, and high-value commercial…
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: All Other Taxes
February 17, 2026
Philadelphia’s smaller taxes, including the Mechanical Amusement Device, Outdoor Advertising, Tobacco, and Development Impact Taxes, collectively generate less than 0.1 percent of General Fund revenues but serve targeted policy purposes. Although collections grew at a 10.0 percent annual rate from FY16 to FY25, total revenue remains modest, with the Development Impact Tax now accounting for…
Board Materials
Resolution
Resolution 2026-08 Approval of General Counsel
February 17, 2026
The PICA Board approved the second one-year renewal of its engagement with Ballard Spahr LLP to provide General Counsel services, effective February 20, 2026. The renewal is authorized under the terms of the original agreement, which allows for additional one-year extensions at the Authority’s discretion. The resolution also ratifies prior related actions and takes effect…
Board Materials
Resolution
Resolution 2026-09 Approval of Revenue Analysis Services
February 17, 2026
The PICA Board approved the retention of Charles Swanson to conduct an independent review of the City’s revenue assumptions and projections in the FY2027–FY2031 Five-Year Financial Plan. The engagement, for a fee not to exceed $9,000, supports PICA’s statutory responsibility to evaluate the reasonableness of the Plan’s underlying assumptions. The resolution authorizes the necessary actions…
Board Materials
Resolution
Resolution 2026-10 Approval of PICA’s FY27 Operating Budget
February 17, 2026
The PICA Board approved and adopted the Authority’s operating budget for the fiscal year ending June 30, 2027, as required under the PICA Act. The resolution authorizes the Chairperson or Vice Chairperson to submit the approved budget to the Governor and General Assembly of the Commonwealth of Pennsylvania.
Board Materials
Minutes
Minutes for the Meeting of November 18, 2025
February 17, 2026
The Board received updates on the City’s FY25 Annual Financial Report, which showed a record $1.19 billion General Fund balance driven by higher-than-expected BIRT and Realty Transfer Tax revenues and underspending from staffing vacancies. Members also heard about the passage of the state budget, staffing gains across City departments, and plans to establish a Federal…
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: Sales Tax
February 10, 2026
Philadelphia’s local Sales Tax provides a stable and growing source of General Fund revenue, supporting City operations, the School District of Philadelphia, and long-term pension funding. From FY16 to FY25, Sales Tax collections grew at a 7.0 percent annual rate, outpacing overall General Fund revenue growth. Looking ahead, Sales Tax revenue is projected to continue…
Board Materials
Agenda
Board Meeting Agenda for February 17, 2026
February 10, 2026
At this meeting, the Board will receive updates from the City, along with reports from the Executive Director and Treasurer. Members will consider three resolutions, including approval of General Counsel, renewal of revenue analysis services, and adoption of PICA’s FY27 Budget.
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: Philadelphia Beverage Tax
February 9, 2026
The Philadelphia Beverage Tax was enacted in 2017 to help fund Pre-K, community schools, and capital improvements, with the understanding that it would supplement rather than fully sustain these programs. Collections have declined steadily over time, with a compound annual growth rate of -1.8 percent from FY18 to FY25, reflecting reduced sugary drink consumption and…
Government Operations, Efficiency, & Performance
Issues Report
Overtime and Staffing Report FY18-25
January 13, 2026
Overtime spending from Philadelphia’s General Fund grew 75.6 percent from FY18 to FY25, with total spending reaching $315 million in FY25. This growth was largely driven by persistently high vacancy rates, pandemic-related staffing challenges, and expanded services in departments such as Fire and Sanitation. As staffing levels recover, the report highlights the need for careful…
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: Amusement Tax
January 9, 2026
Philadelphia’s Amusement Tax applies a 5.0 percent levy on in-person entertainment like sporting events, concerts, and clubs, generating the vast majority of its revenue from professional sports teams. After a sharp pandemic-era drop, collections rebounded with a compound annual growth rate of 9.4 percent from FY16 to FY25 and are projected to grow more modestly…
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: Revenue from Other Funds
January 8, 2026
Revenues from Other Funds reflect transfers into the General Fund from other City funds, most notably the Grants Revenue, Water, and Aviation Funds, to pay for services more efficiently managed centrally. Federal COVID-19 relief caused a dramatic spike in ROF from FY22 to FY25, but these revenues are projected to return to historical levels—about one…
PICA Governing Documents
Position Posting: Research and Policy Analyst
January 5, 2026
PICA is hiring! PICA seeks a thoughtful and curious Research and Policy Analyst to conduct financial and public policy research and analysis in support of PICA’s mission. The Research and Policy Analyst will contribute to improving the City of Philadelphia by monitoring and reporting on Philadelphia’s financial condition, evaluating the City’s Five-Year Financial Plans and…
Budget Structure and Process
Fact Sheet
Revenue Fact Sheet: Locally Generated Non-Tax
January 2, 2026
Locally Generated Non-Tax revenue includes fines, fees, permits, and investment earnings collected by City departments and plays an important role in diversifying Philadelphia’s General Fund. From FY16 to FY25, LGNT revenues grew steadily at a compound annual rate of 5.4 percent, though they are projected to decline slightly through FY30 due to reduced interest earnings…