Publications

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 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…

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…

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…

As Philadelphia’s financial officials begin building the FY27 budget and monitor FY26 spending, they are also finalizing the books for FY25, which closed on June 30, 2025. A timely and accurate Annual Comprehensive Financial Report (ACFR) is essential for transparency, legal compliance, and continued access to capital markets, with a February 28 deadline tied to…

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 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…

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…

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…

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…