Publications

PICA retained Maher Duessel to provide auditing services for the fiscal year ending June 30, 2017, with two one-year renewal options. This engagement ensures continued compliance with financial reporting and regulatory requirements.

PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2018-FY2022 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.

PICA approved its FY2018 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.

The PICA Board met on April 18, 2017, to review the FY2018-2022 Five-Year Financial Plan and discuss the DROP pension study. The Board heard presentations from City officials on revenue forecasts, labor costs, and capital budget priorities.

Press Release announcing PICA report on FY17Q2 overtime spending. City Overtime Costs Continue to Rise, Departments Identified for Overtime Reduction Struggle to Keep Costs Down

S&P affirmed its 'AAA' rating for PICA's 2009 and 2010 special tax revenue bonds, citing the strong lien on a dedicated wage tax and declining debt service requirements. The agency views PICA's oversight role and the non-appropriable nature of the pledged revenues as key strengths.

The PICA Board met on March 21, 2017, to review the Mayor’s Proposed Five-Year Financial Plan and discuss the City’s sanctuary city policies. The Board also approved a new four-year lease agreement for office equipment.

PICA approved a new lease agreement for a printer/photocopier, replacing the existing lease with Canon. The Executive Director was authorized to negotiate and execute the lease agreement in the Authority’s best financial and operational interest.

The FY17 Quarterly Overtime Report for Q2 reveals that overtime spending reached $91.2 million through the second quarter, with identified departments exceeding their budgets by $16 million.

Fitch Ratings upgraded PICA's special tax revenue refunding bonds from 'AA+' to 'AAA' due to strong economic underpinnings, robust coverage, and a secure legal framework. The bonds are backed by a 1.5% wage tax on city residents, with revenues entirely separate from both the City of Philadelphia and the Commonwealth of Pennsylvania.

The second quarter FY17 QCMR projects General Fund revenues at $4.16 billion, $30.3 million above the Five-Year Plan, while obligations are projected to increase by $40.9 million. The year-end fund balance is now estimated at $106.1 million, reflecting a continued improvement in financial stability.

The PICA Board met on January 18, 2017, to review financial updates, discuss overtime spending, and receive a legal update on the Sweetened Beverage Tax. The Board also approved commissioning a study on Police overtime related to court appearances.

Press Release announcing PICA report on the FY17Q1 QCMR. City of Philadelphia’s Projected Fund Balance for FY17 $55.5 Million Higher Than Forecasted.

The PICA Board met on December 19, 2016, to review financial updates, reappoint Executive Director Harvey Rice, and discuss the Sweetened Beverage Tax legal challenge. The Board also planned an upcoming meeting with the City Managing Director to address overtime spending.

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.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY16 Annual Report provides an overview of the Authority's activities, financial oversight, and analysis of the City of Philadelphia’s fiscal condition over the past year. It includes key findings from PICA’s financial reviews, budget analyses, and policy recommendations aimed at ensuring the City's long-term financial stability as well as the Authority's financial statements and report from its auditors.