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PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q4
September 1, 2026
Philadelphia’s FY26 Q4 QCMR projects an $884.4 million year-end General Fund balance, equal to 14.0 percent of revenues, with revenues and obligations both at 99.4 percent of the PICA-approved FY26-30 Five-Year Plan. The improved fund balance reflects the unused $91.0 million Federal Funding Reserve and a stronger starting position from FY25, while the City still…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY26 Q4
September 1, 2026
Philadelphia’s FY26 projected year-end citywide overtime spending totals $318.5 million, a 1.1 percent increase over FY25, while overtime as a share of Class 100 spending declines from 14.2 percent to 13.2 percent. Special events, pay increases, and continued vacancies remain key drivers of overtime costs, though improved staffing helped reduce the citywide vacancy rate from…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Looking Backwards and Looking Ahead: The City of Philadelphia’s Fiscal Performance & Projections
August 17, 2026
Philadelphia’s recent fiscal performance and FY27-31 projections show a transition from strong reserve buildups from FY21-25 to a Five-Year Plan shaped by planned investments, operating deficits, and lower reserve levels. Pension funding and General Fund revenues are projected to improve over the Plan period, while long-term obligations are expected to peak in FY29 before returning…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY19 Q2
March 1, 2019
The FY19 Quarterly Overtime Report for Q2 shows that citywide overtime spending reached $89.5 million through the second quarter, a 3.5% reduction from the prior year.
News Articles and Press Releases
Press Release
Second Quarter Revenues and Expenditures Higher Than Projected in Five Year Plan
February 27, 2019
Press Release announcing FY19Q2 report on the QCMR.
Board Materials
Minutes
February 19, 2019 Board Meeting Minutes
February 19, 2019
The PICA Board held a special meeting on February 19, 2019, to receive a presentation from Pew Charitable Trusts on Rainy Day Funds. The Board also reviewed the City’s QCMR, tax revenue performance, and overtime spending trends.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY19 Q2
February 18, 2019
The second quarter FY19 QCMR projects General Fund revenues at $4.76 billion, $110.2 million above the Five-Year Plan, while obligations are now projected at $4.85 billion, $105.4 million higher than originally estimated. The year-end fund balance is projected at $305.6 million, continuing to exceed Five-Year Plan expectations by $149.6 million.
Board Materials
Minutes
January 17, 2019 Board Meeting Minutes
January 17, 2019
The PICA Board met on January 17, 2019, to approve the reappointment of Executive Director Harvey Rice and discuss financial reporting updates. The Board approved Resolution 2019-06, reaffirming Mr. Rice’s leadership, and discussed tax revenue trends and bank reconciliations.
Board Materials
Resolution
Resolution 2019-06 Reappointment of Executive Director
January 17, 2019
PICA reappointed Harvey M. Rice as Executive Director, extending his term to continue overseeing the Authority’s financial oversight responsibilities. His appointment remains in effect until a successor is appointed or his term is otherwise concluded.
PICA Capital Financing
Bond Rating
S&P Global Bond Rating 12/13/18
December 13, 2018
S&P reaffirmed PICA’s 'AAA' rating, highlighting its strong ownership of pledged revenues, which are segregated from both city and state funds. The agency cited the tax revenue's stability and Philadelphia’s improving economy as key factors.
Board Materials
Minutes
December 7, 2018 Board Meeting Minutes
December 7, 2018
The PICA Board held a special meeting on December 7, 2018, to approve a revised FY2018-2022 Five-Year Financial Plan following an arbitration award for District Council 33. The Board approved the revised plan and discussed its financial implications.
News Articles and Press Releases
Press Release
PICA Board Approves City’s Revised FY2019-FY2023 Five Year Plan
December 7, 2018
Press Release announcing that PICA Board Approves City’s Revised FY2019-FY2023 Five Year Plan.
Board Materials
Resolution
Resolution 2019-05 Approval of FY19-23 Five-Year Plan as Revised
December 7, 2018
PICA approved a revised Five-Year Financial Plan for FY2019-FY2023 to incorporate increased health and welfare costs negotiated through collective bargaining. The revised plan ensures compliance with statutory requirements and reflects updated financial projections.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY19 Q1
December 1, 2018
The FY19 Quarterly Overtime Report for Q1 finds that overtime spending reached $47.6 million in the first quarter, with ten key departments responsible for 97.5% of total costs.
News Articles and Press Releases
Press Release
Revenues, Expenditures, and Fund Balance Higher Than City’s Five Year Plan Projections
November 28, 2018
Press Release announcing PICA Report on the FY21Q1 Quarterly City Managers Report. Quarterly City Managers Report Projects $22.8 Million General Fund Balance for FY2021 .
PICA Reports on Philadelphia's Five-Year Plan
Staff Report on the City of Philadelphia's Five-Year Plan
PICA Staff Report on the City of Philadelphia’s FY19-23 Five-Year Plan as Revised in November 2018
November 23, 2018
PICA's Staff Report on The Five-Year Financial Plan for FY19-23 (Revised Nov) updates Philadelphia’s financial outlook, adjusting revenue projections, expenditure forecasts, and fund balance estimates to reflect changing economic conditions and policy priorities.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY19 Q1
November 18, 2018
The first quarter FY19 QCMR projects General Fund revenues at $4.75 billion, $105.3 million above the Five-Year Plan, while obligations have increased to $4.84 billion, $110.7 million higher than expected. The year-end fund balance is now projected at $295.2 million, significantly above the Five-Year Plan estimate of $155.4 million.
News Articles and Press Releases
Press Release
City Exceeds Overtime Allocation by $44 Million in FY2018
November 15, 2018
Press Release announcing PICA report on FY18 overtime spending. City Exceeds Overtime Allocation by $44 Million in FY2018 Marks Eighth Consecutive Year of Overspending
Board Materials
Minutes
October 16, 2018 Board Meeting Minutes
October 16, 2018
The PICA Board met on October 16, 2018, to discuss City pension funding challenges and ongoing financial reporting concerns. The Board heard a presentation from the Board of Pensions and Retirement on investment strategies and pension reform efforts.