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PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Executive Summary of the FY27-31 PICA Staff Report
July 28, 2026
PICA Staff recommends approval of the City of Philadelphia’s FY27-31 Five-Year Plan because it meets the PICA Act’s requirements for positive year-end fund balances, reasonable revenue and spending assumptions, and all required financial plan elements. The Plan includes important positive factors for Philadelphia’s fiscal stability, including continued pension funding, deposits into the Budget Stabilization Reserve,…
PICA Reports on Philadelphia's Five-Year Plan
Staff Report on the City of Philadelphia's Five-Year Plan
Staff Report on the City of Philadelphia’s FY27-31 Five-Year Plan
July 28, 2026
Philadelphia’s FY27-31 Five-Year Plan meets PICA Act standards, and continues the commitment to full funding of the Pension Fund and deposits into the Budget Stabilization Reserve and Labor Reserve. The City’s fiscal outlook remains vulnerable to operating deficits, reserve levels below GFOA recommendations, and uncertainty around federal funding, economic conditions, and labor costs. The Staff…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Foundations for the Five-Year Plan: Putting FY27-31 into Context
June 25, 2026
Philadelphia’s FY27-31 Five-Year Financial Plan will be shaped by demographic, economic, and fiscal trends that influence the City’s budget outlook. Over the past decade, the City has seen job and population recovery, stronger revenue collections, improved pension funding, upgraded credit ratings, and higher reserves, while persistent challenges remain around household income, poverty, unemployment, and reliance…
Board Materials
Minutes
Minutes for the Meeting of June 16, 2026
July 28, 2026
Members received updates from the City on the adopted FY27 Operating and Capital budgets, including changes related to School District funding, the Labor Reserve, Pension Fund contributions, and projected fund balances. The Board discussed reserves, pension funding progress, emergency shelter funding, and the timeline for submission and review of the FY27-31 Five-Year Plan. PICA staff…
Board Materials
Resolution
Resolution 2027-03 FY27 Board Meeting Schedule
July 28, 2026
The PICA Board approved its schedule of regular meetings for Fiscal Year 2027 and the Annual Meeting for Fiscal Year 2028, as required under the Pennsylvania Sunshine Act. Meetings will be held monthly at 12:15 p.m., Philadelphia local time, in PICA’s conference room at 1500 Walnut Street, with details also available on the Authority’s website….
Board Materials
Resolution
Resolution 2027-02 Election of Officers
July 28, 2026
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. Alan Kessler was elected Chairperson, Rosalind Sutch as Vice Chairperson, Michael Karp as Secretary/Treasurer, and Patrick Burns as Assistant Secretary/Treasurer. The resolution took effect immediately upon its approval.
Board Materials
Resolution
Resolution 2027-01 Approval of the FY27-31 Five Year Plan
July 28, 2026
The PICA Board approved the City of Philadelphia’s FY27-31 Five-Year Plan after determining that it meets the applicable requirements, criteria, and standards of the PICA Act and Intergovernmental Cooperation Agreement. The resolution follows PICA staff review of the Plan and formal submission of a Staff Report to the Board. The vote passed with the required…
Press Release
PICA Board Unanimously Approves City of Philadelphia’s FY2027-FY2031 Five-Year Financial Plan
July 28, 2026
The Board of the Pennsylvania Intergovernmental Cooperation Authority (PICA) is pleased to announce the approval of the City of Philadelphia’s Five-Year Financial Plan for Fiscal Years 2027-2031. This roadmap for the next five fiscal years outlines the City’s approach to fiscal stability, including efforts continuing to fully fund the City’s Pension Fund, allocations for the…
Board Materials
Agenda
Board Meeting Agenda for July 28, 2026
July 17, 2026
At this Annual Meeting, the Board will receive updates from the City of Philadelphia, along with reports from the Executive Director and Treasurer. Members will consider three resolutions, including approval of the City’s FY27-31 Five-Year Plan, election of officers, and adoption of the FY27 Board meeting schedule. Public comment and new business will follow prior…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Submitted FY27-31 Five-Year Plan Fact Sheet
July 1, 2026
Philadelphia’s submitted FY27-31 Five-Year Plan maintains positive General Fund balances in all five years, meeting the core requirement of the PICA Act, with the lowest projected balance of $59 million in FY29. The Plan includes deposits to the Budget Stabilization Reserve in FY27 and FY28, growing the rainy day fund to $345 million by FY28,…
Board Materials
Minutes
Minutes for the Meeting of May 19, 2026
June 16, 2026
The Board approved one-year extensions for PICA’s audit services contract with Maher Duessel and accounting services contract with J. Miller & Associates. Members received updates on PICA’s review of the FY27 Budget and FY27 to FY31 Proposed Five-Year Plan, including department meetings, monitoring of budget hearings, and analysis of fiscal risks related to funding uncertainty,…
Budget Structure and Process
Fact Sheet
Five-Year Plan Requirements
June 16, 2026
Each year, as required by the PICA Act and the Intergovernmental Cooperation Agreement (ICA), the City of Philadelphia produces a Five-Year financial plan. PICA’s board is responsible for approving the plan, ensuring that projections over the next five fiscal years are balanced, reasonable, and based on consistent methods. The criteria for approval are detailed in…
Board Materials
Agenda
Board Meeting Agenda for June 16, 2026
June 8, 2026
At this meeting, the Board will receive updates from the City of Philadelphia, along with reports from the Executive Director and Treasurer. The agenda does not include any resolutions for consideration. Public comment and new business will follow prior to adjournment.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q3
May 28, 2026
The City’s projected FY26 General Fund balance is now anticipated to reach $799.8M (12.6% of revenues), growing by $290.6M from Q2 to Q3. This increase is encouraging but was made possible in large part by non-recurring factors, like an additional $144.3M in liquidated prior-year encumbrances, reduced obligations due to later-than-anticipated bond issuance, Labor Reserve realignment,…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY26 Q3
May 28, 2026
Citywide overtime spending reached $216.0 million through FY26 Q3, $13.6 million lower than the same period in FY25, though full-year overtime is still projected to reach $344.1 million. Overtime remains driven by persistent vacancies, pay increases, snow event response, and increased special events. Improved staffing helped reduce the General Fund vacancy rate to 13.9 percent,…
Board Materials
Minutes
Minutes for the Meeting of April 24, 2026
May 19, 2026
The Board received a briefing from the City on the revised Transportation Network Company Tax proposal, which would increase the fee to $1 per ride to help address the School District’s projected deficit and preserve hundreds of positions. Discussion focused on the reliability of projected revenues, the City’s role in supporting school funding, and the…
Board Materials
Resolution
Resolution 2026-11 Renewal of Audit Services
May 19, 2026
The PICA Board approved the second one-year renewal of Maher Duessel LLP to provide financial auditing services for the Authority for the fiscal year ending June 30, 2027. The renewal continues the engagement under the terms of the original agreement, which allows for additional one-year extensions at the Authority’s discretion. The resolution also authorizes the…
Board Materials
Resolution
Resolution 2026-12 Renewal of Accounting Services
May 19, 2026
The PICA Board approved the second one-year renewal of J. Miller & Associates, LLC to provide accounting services for the Authority from July 1, 2026 through June 30, 2027. The renewal continues the existing engagement under terms that allow for additional one-year extensions at the Authority’s discretion. The resolution also authorizes the execution of related…
Board Materials
Agenda
Board Meeting Agenda for May 19, 2026
May 12, 2026
At this meeting, the Board will receive updates from the City of Philadelphia, along with reports from the Executive Director and Treasurer. Members will consider two resolutions related to the renewal of audit and accounting services for the Authority. Public comment and new business will follow prior to adjournment.