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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…
News Articles and Press Releases
Press Release
FY2017 Obligations Projected to Outpace Revenues by $65 Million
May 30, 2017
Press Release announcing PICA report on the FY17Q3 QCMR. FY2017 Obligations Projected to Outpace Revenues by $65 Million.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY17 Q3
May 18, 2017
The third quarter FY17 QCMR projects General Fund revenues at $4.17 billion, an increase of $37.5 million from the Five-Year Plan, while obligations are projected at $4.23 billion, an increase of $46.6 million. The year-end fund balance is now expected to be $107.6 million, reflecting strong revenue performance but continued expenditure growth.
News Articles and Press Releases
Press Release
City Spends 90 Percent of Overtime Budget
May 16, 2017
Press Release announcing PICA report on FY17Q3 overtime spending. City Spends 90 Percent of Overtime Budget Overtime Costs Total $116.5 Million Through Third Quarter.
Board Materials
Minutes
April 28, 2017 Board Meeting Minutes
April 28, 2017
The PICA Board held a special meeting on April 28, 2017, to approve the FY2018 PICA Operating Budget and engage an economist for revenue analysis. The Board approved Resolution No. 7, adopting the budget and Resolution No. 8, engaging Charles Swanson for revenue forecasting.
Board Materials
Resolution
Resolution 2017-11 Approval of Funding for an Additional Capital Project
April 28, 2017
PICA approved a capital project funding substitution to redirect $210,280.52 in surplus bond proceeds from a prior 2008 project to the renovation of mechanical, electrical, and plumbing systems at the same site. This action ensures that remaining funds are used effectively for critical infrastructure improvements.
Board Materials
Resolution
Resolution 2017-10 Approval of Funding for an Additional Capital Project
April 28, 2017
PICA approved a capital project funding substitution to redirect $154,473.76 in surplus bond proceeds from a prior 2013 project to the construction of fire alarm systems. This action ensures that remaining funds are used for essential public safety improvements.
Board Materials
Resolution
Resolution 2017-09 Approval of Audit Services
April 28, 2017
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.
Board Materials
Resolution
Resolution 2017-08 Approval of Revenue Analysis Services
April 28, 2017
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.
Board Materials
Resolution
Resolution 2017-07 Approval of FY18 PICA Operating Budget
April 28, 2017
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.
Board Materials
Minutes
April 18, 2017 Board Meeting Minutes
April 18, 2017
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.
News Articles and Press Releases
Press Release
City Overtime Costs Continue to Rise
April 6, 2017
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
PICA Capital Financing
Bond Rating
S&P Global Bond Rating 3/29/17
March 29, 2017
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.
Board Materials
Minutes
March 21, 2017 Board Meeting Minutes
March 21, 2017
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.
Board Materials
Resolution
Resolution 2017-06 Approval of Copier Lease
March 21, 2017
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.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY17 Q2
March 1, 2017
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.
PICA Capital Financing
Bond Rating
Fitch Bond Rating 2/28/17
February 28, 2017
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.