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Featured Publications
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,…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Proposed FY27-31 Five-Year Plan Fiscal Highlights
March 17, 2026
Philadelphia’s proposed FY27–31 Five-Year Plan maintains positive fund balances in each year, but projects operating deficits in four of five years and a steady decline in reserves over time. Revenues are expected to grow by 10.3 percent over the Plan period, driven primarily by local taxes, while spending growth is more modest but still exceeds…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY23 Q3
May 18, 2023
The third quarter FY23 QCMR projects General Fund revenues at $5.89 billion, $189.7 million above the Five-Year Plan, while obligations have risen to $6.08 billion, $237.3 million higher than projected. The year-end fund balance is projected at $614.9 million, $242.7 million above prior estimates, representing 10.1% of obligations.
Board Materials
Minutes
May 16, 2023 Board Meeting Minutes
May 16, 2023
The PICA Board met on May 16, 2023, to discuss amendments to the Intergovernmental Cooperation Agreement and City staffing trends. The Board postponed a final vote on the agreement, scheduling a special session for June.
Board Materials
Minutes
April 18, 2023 Board Meeting Minutes
April 18, 2023
The PICA Board met on April 18, 2023, to review City budget projections and overtime spending trends. The Board approved contracts for revenue analysis and passed resolutions recognizing departing Board members (Resolutions 2023-09, 2023-10, and 2023-11).
Board Materials
Agenda
Agenda for April 18, 2023 PICA Board Meeting
April 18, 2023
The April 18, 2023, meeting agenda includes votes on three resolutions recognizing individuals and approving revenue analysis services. The Board will also hear a City presentation on the proposed FY2024-2028 Five-Year Plan.
Board Materials
Resolution
Resolution 2023-11 Approval of Revenue Analysis Services
April 18, 2023
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2024-FY2028 Five-Year Financial Plan, for a fee not exceeding $9,000. This engagement ensures that financial projections remain reasonable and aligned with PICA’s oversight responsibilities.
Board Materials
Resolution
Resolution 2023-10 Recognizing Courtney Richardson, Esq.
April 18, 2023
PICA recognized and expressed appreciation for the service of Courtney Richardson, Esq., who served on the governing board from 2021 to 2023. Her leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.
Board Materials
Resolution
Resolution 2023-09 Recognizing T. Roderick Henkels
April 18, 2023
PICA recognized and expressed appreciation for the service of T. Roderick Henkels, who served on the governing board from 2021 to 2023. His leadership contributed to maintaining Philadelphia’s financial stability.
News Articles and Press Releases
Press Release
FY2023 Fund Balance Projected to be $660.5 Million
March 6, 2023
Press release announcing PICA's report on the FY23Q2 Quarterly City Managers Report. FY2023 Fund Balance Projected to be $660.5 Million Obligations Projected to Outpace Revenues.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY23 Q2
March 1, 2023
The FY23 Quarterly Overtime Report for Q2 shows a 36.2% increase in overtime spending compared to FY22, with total expenditures reaching $133.4 million, the highest Q2 total on record.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY23 Q2
February 18, 2023
The second quarter FY23 QCMR projects General Fund revenues at $5.89 billion, $189.4 million above the Five-Year Plan, while obligations have increased to $6.03 billion, $191.1 million higher than projected. The year-end fund balance is now projected at $660.5 million, $288.3 million above the Five-Year Plan projection, representing 11% of obligations.
Board Materials
Minutes
January 25, 2023 Board Meeting Minutes
January 25, 2023
The PICA Board met on January 25, 2023, for a special session to approve staff hiring authorizations and the FY2024 Operating Budget. The Board granted the Executive Director discretion to fill vacant positions (Resolution 2023-07) and approved the annual budget (Resolution 2023-08).
Board Materials
Agenda
Agenda for January 25, 2023 Special PICA Board Meeting
January 25, 2023
The January 25, 2023, Special Meeting agenda includes votes on hiring authorization and the approval of the FY2024 PICA Operating Budget. The Board will also review new business matters and hear public comment.
Board Materials
Resolution
Resolution 2023-08 Approval of FY24 PICA Operating Budget
January 25, 2023
PICA approved its FY2024 Operating Budget, ensuring continued funding for the Authority’s financial oversight activities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.
Board Materials
Resolution
Resolution 2023-07 Delegation of Hiring Authority
January 25, 2023
PICA delegated hiring authority to the Executive Director to fill two staff vacancies for Deputy Executive Director and Analyst positions. This authorization ensures operational continuity and adherence to the Authority’s employment policies.
Board Materials
Minutes
January 10, 2023 Board Meeting Minutes
January 10, 2023
The PICA Board met on January 10, 2023, to reappoint Harvey Rice as Executive Director and approve consulting services for revenue reporting. The Board also approved a $380,000 reallocation of capital funds for Free Library facility improvements.
Board Materials
Resolution
Resolution 2023-06 Approval of Capital Substitution
January 10, 2023
PICA approved the use of $380,000 in surplus bond proceeds to fund additional capital projects, including library elevator modernizations and roof replacements. This allocation ensures the continued improvement of public facilities in Philadelphia.