Publications

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…

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…

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…

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…

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…

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,…

The PICA Board approved the first one-year renewal of its contract with J. Miller & Associates, LLC to provide accounting services for the period from July 1, 2025 through June 30, 2026. The renewal is based on a prior agreement that allows for up to four one-year extensions at the Authority’s discretion. The resolution authorizes…

The PICA Board approved the first one-year renewal of its contract with Maher Duessel LLP to provide financial auditing services for the fiscal year ending June 30, 2026. This renewal covers services from January 1 to December 31, 2026, and includes an option for further annual renewals at the Authority’s discretion. The resolution authorizes necessary…

The PICA Board unanimously approved the City of Philadelphia’s FY26–30 Five-Year Financial Plan after determining it met all requirements under the PICA Act and the Intergovernmental Cooperation Agreement. The resolution affirms that the Plan includes reasonable assumptions and maintains statutory fiscal standards. The vote passed with the required qualified majority.

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…

The PICA Board elected officers for a one-year term at its annual meeting, as required by the PICA Act and the Authority’s bylaws. Kevin Vaughan was elected Chairperson, Alan Kessler as Vice Chairperson, Michael Karp as Secretary/Treasurer, and Rosalind Sutch as Assistant Secretary/Treasurer. The resolution took effect immediately upon its approval.

The Board discussed the City’s newly adopted FY26 budget and upcoming submission of the FY26–30 Five-Year Plan to PICA, including updates on grants, affordable housing tax exemptions, and pending labor agreements. PICA staff shared recent publications, outlined areas of upcoming research, and reported on organizational activities such as community engagement, conference participation, and budget performance….

The Board will meet to review updates from the City and staff, including reports from the Executive Director and Treasurer, followed by an opportunity for public comment. Members will consider and vote on five resolutions, including approval of the FY26–30 Five-Year Plan, renewals of audit and accounting services, election of Board officers, and the FY26…

Following City Council approval of the FY26 budget and the Mayor signing the budget bills into law, the Parker Administration has updated the Five-Year Financial Plan for Fiscal Years 2026 through 2030 (FY26-30) to reflect amendments to the FY26 budget and updated expectations for expenditures and collections over the life of the Plan. The FY26-30…