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Featured Publications
Debt and Pensions
Fact Sheet
Debt and Taxes: Tax-Exempt vs. Taxable Bonds
April 13, 2026
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…
Debt and Pensions
Fact Sheet
Digging Into (and Out of) Debt
April 6, 2026
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…
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…
Board Materials
Resolution
Resolution 2018-10 Authorizing Police Court Overtime Study
April 17, 2018
PICA authorized the selection of a consultant to conduct a study on the causes and solutions for City-incurred overtime costs, particularly within the Philadelphia Police Department. The Executive Director was granted authority to negotiate a contract, subject to final Board approval.
Board Materials
Resolution
Resolution 2018-10 Approval of Office Lease
April 17, 2018
PICA approved a new office lease to replace its current lease, which was set to expire on August 31, 2018. The Executive Director was authorized to negotiate and execute a lease agreement for a new six-year term.
Board Materials
Resolution
Resolution 2018-09 Approval of Accounting Services
April 17, 2018
PICA reappointed J. Miller & Associates, LLC to provide accounting services for the fiscal year ending June 30, 2018, with two additional one-year renewal options. This engagement ensures continuity in financial reporting and compliance.
Board Materials
Resolution
Resolution 2018-08 Approval of Revenue Analysis Services
April 17, 2018
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2019-FY2023 Five-Year Financial Plan, for a fee not exceeding $9,000. This engagement ensures PICA can assess the accuracy and reasonableness of the City’s financial projections.
Board Materials
Resolution
Resolution 2018-07 Approval of 2018-2022 Revised Five-Year Plan
April 17, 2018
PICA approved a revised Five-Year Financial Plan for FY2018-FY2022 to incorporate the costs of arbitration awards for Correctional Officers, Sheriff’s Officers, and Register of Wills employees. The revised plan ensures compliance with statutory requirements and reflects updated financial projections.
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 FY18-22 Five-Year Plan as Revised in April 2018
April 17, 2018
PICA's Staff Report on The Five-Year Financial Plan for FY18-22 (Revised Apr) presents updated financial projections and budgetary priorities for the City of Philadelphia over the fiscal years 2018-2022, incorporating adjustments to revenue estimates, expenditure forecasts, and fund balance projections.
News Articles and Press Releases
News Article
Philly cops waiting to testify in court cost city millions in OT
April 3, 2018
Philadelphia police officers accrued $12 million in overtime during the first seven months of FY18 just waiting to testify in court, contributing to the department exceeding its $57 million overtime budget with five months left in the fiscal year. PICA estimates that the city is on track to overspend its total $135 million overtime budget by $30 million, with police overtime as a major cost drive.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY18 Q2
March 1, 2018
The FY18 Quarterly Overtime Report for Q2 shows that Philadelphia’s overtime spending reached $92.7 million through the second quarter, with costs increasing over the previous year despite prior reductions.
News Articles and Press Releases
Press Release
City’s FY2018 Revenue Collections Increase by $127 Million Through Second Quarter
February 28, 2018
This press release announcies PICA's analysis of the FY18Q2 Quarterly City Manager's Report. It found that the City’s FY2018 Revenue Collections Increase by $127 Million Through Second Quarter
Board Materials
Minutes
February 20, 2018 Board Meeting Minutes
February 20, 2018
The PICA Board met on February 20, 2018, to approve the FY2019 PICA Operating Budget and discuss tax revenue projections. The Board approved Resolution 2018-06, adopting the budget while highlighting concerns about rising overtime costs.
Board Materials
Resolution
Resolution 2018-06 Approval of FY19 PICA Operating Budget
February 20, 2018
PICA approved its FY2019 Operating Budget, ensuring continued funding for the Authority’s financial oversight responsibilities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY18 Q2
February 18, 2018
The second quarter FY18 QCMR reports General Fund revenues at $4.48 billion, $75.2 million above the Five-Year Plan, while obligations are now projected at $4.46 billion, $61.9 million higher than the original estimate. The year-end fund balance remains strong at $210.5 million, supported by better-than-expected tax revenue performance.
News Articles and Press Releases
Press Release
City Spends $93 Million on Overtime through Second Quarter
January 30, 2018
Press Release announcing FY18Q2 report on overtime spending.
Board Materials
Minutes
January 16, 2018 Board Meeting Minutes
January 16, 2018
The PICA Board met on January 16, 2018, to review tax revenue trends, discuss DROP policy reforms, and hear a presentation from the Center City District on tax policy proposals. The Board also discussed the long-term impact of tax reductions on job growth.
News Articles and Press Releases
News Article
Citing labor costs, Philly mulls service cuts
December 14, 2017
Philadelphia officials warned that new police labor contracts will deplete the city’s $200 million labor reserve, forcing potential service cuts. Finance Director Rob Dubow told PICA that without new savings, the city may have to make difficult budget decisions to maintain fiscal stability.
News Articles and Press Releases
Press Release
DROP Costs Pension Fund $62 Million Since 2010
December 12, 2017
Press Release announcing PICA Report on DROP Pension Costs.