Publications

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…

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…

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…

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.

The Board received a detailed presentation from the City on the proposed FY27–31 Five-Year Plan, highlighting new investments in housing, public safety, workforce development, and infrastructure, along with planned borrowing and new revenue proposals. Members discussed risks related to federal funding, economic conditions, and proposed tax changes, as well as ongoing improvements in staffing levels…

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.

Cities can lower borrowing costs by issuing tax-exempt bonds, but these come with restrictions that limit how funds can be used, particularly for projects that aren’t publicly owned. Taxable bonds offer greater flexibility for investments like affordable housing and neighborhood development, though they typically carry higher interest costs. Choosing between these financing tools requires balancing…

Philadelphia’s General Fund-supported debt declined by about nine percent over the past decade, even as the City continued to borrow for major investments in infrastructure, housing, and public facilities. This progress reflects consistent repayment of older obligations, including pension-related borrowing and legacy debts from prior fiscal challenges. Looking ahead, with annual debt service expected to…

The Board approved three resolutions, including renewals for General Counsel and revenue analysis services, as well as adoption of PICA’s FY27 operating budget. Members received updates from the City on staffing progress, federal funding risks, and the upcoming release of the FY26 Q2 Quarterly City Managers Report, alongside discussion of winter storm costs and revenue…

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…

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.

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…

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…

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…

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…

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…