Publications

Press Release announcing that PICA Board Unanimously Approves City of Philadelphia’s FY2025-FY2029 Five Year Financial Plan.

The third quarter FY24 QCMR projects General Fund revenues at $5.94 billion, $76.0 million below the Five-Year Plan, while obligations have increased to $6.41 billion, $222.0 million higher than projected. The year-end fund balance is projected at $537.0 million, $8.0 million above the Five-Year Plan, representing 9.0% of revenues​.

PICA’s Philadelphia Pension Fund Fact Sheet examines the City's ongoing efforts to reduce its unfunded pension liability and stabilize pension costs. The report highlights that the City contributed nearly $833 million to the Pension Fund in FY24—four times the normal cost of benefits earned—while projecting the fund to reach 80% funding by FY29 and full funding by FY33.

PICA’s Budget Stabilization Reserve Fact Sheet examines Philadelphia’s Rainy Day Fund, detailing its role in providing financial stability, the updated deposit formula, and criteria for withdrawals.

PICA’s Contributions Fact Sheet analyzes trends in Class 500 expenditures, noting that contributions to the School District of Philadelphia and Community College of Philadelphia have increased by 140% since FY14.

Generative Artificial Intelligence (AI) are evolving tools that leverage large datasets and machine learning to predict what language or graphics might satisfy a prompt from a user. These tools have the potential to enhance the quality and efficiency of PICA’s work but also present some risks and dangers. This policy is intended to encourage responsible…

The PICA Board met on April 16, 2024, to discuss the City’s FY25-29 budget review process, upcoming financial reports, and lease terms for PICA’s office space. The Board approved a lease extension that reduces rental costs while maintaining the current office location.

The April 16, 2024, meeting agenda includes reports, updates from the City, public comment, and a vote on the approval of PICA's office lease terms. New business items will also be discussed.

PICA approved a new seven-year lease agreement for its current office space at 1500 Walnut Street, Suite 1600, Philadelphia, PA. The lease, beginning September 1, 2024, includes a base rent escalation of 3% per year, with an average base rental rate of $19.71 per square foot.

PICA’s Tax Reform & Fiscal Stability issue brief explores Philadelphia’s historical tax reforms, their impact on fiscal health, and the potential effects of new proposals being considered by the Tax Reform Commission.

The PICA Board met on March 19, 2024, to approve contract extensions for revenue analysis services and legal counsel. The Board also received updates on the City’s upcoming FY25-29 budget, staffing challenges, and financial forecasts.

The March 19, 2024, meeting agenda includes an Executive Session regarding PICA's office lease, reports from the Executive Director and Treasurer, and votes on two resolutions. The Board will consider approving revenue analysis services and recognizing S. William Richter, Esq.

PICA formally recognized and expressed appreciation for the service of S. William Richter, Esq., who served as General Counsel from the Authority’s inception in 1991 to 2024. His contributions were instrumental in improving the City of Philadelphia’s financial stability and overseeing billions of dollars in bond proceeds and tax revenue remitted to the City.

PICA has approved a resolution to retain Charles Swanson for professional consulting services to review and analyze the City of Philadelphia’s revenue assumptions and projections in its FY2025-FY2029 Five-Year Financial Plan. The contract, based on a proposal dated February 25, 2024, authorizes a fee not exceeding $9,000 to ensure the reasonableness of the City’s financial projections.

PICA’s Fact Sheet on the City of Philadelphia's Proposed Five-Year Financial Plan (FY25-29) provides a forward-looking assessment of the City of Philadelphia’s expected revenues, expenditures, and financial strategy. The plan projects a decline in the General Fund balance from $486 million in FY25 to $14 million in FY29, with operating deficits in all years and a total of $10 billion committed to capital projects.

The FY24 Quarterly Overtime Report for Q2 finds that year-to-date overtime spending reached $134 million, with seven departments expected to exceed their adopted allocations.