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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…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY17 Q1
December 1, 2016
The FY17 Quarterly Overtime Report for Q1 examines Philadelphia’s overtime spending trends, highlighting that seven key departments exceeded their planned overtime budgets by $13.9 million in the first quarter alone.
News Articles and Press Releases
News Article
City employees continue to cash in on DROP
November 26, 2016
Philadelphia’s Deferred Retirement Option Plan (DROP) continues to cost the city millions, with 613 employees receiving a combined $101.6 million in lump-sum payments in 2016. Critics argue that DROP, originally designed to be cost-neutral, has instead strained city finances, with total payments exceeding $1.4 billion since its creation in 1999.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY17 Q1
November 18, 2016
The first quarter FY17 QCMR projects General Fund revenues at $4.15 billion, an increase of $19.5 million from the Five-Year Plan, while obligations are projected at $4.22 billion, an increase of $37.0 million. The year-end fund balance is now projected at $95.8 million, $55.5 million higher than originally estimated.
Board Materials
Minutes
November 15, 2016 Board Meeting Minutes
November 15, 2016
The PICA Board met on November 15, 2016, to review City financial reports, discuss overtime spending, and hear a presentation from the Board of Pensions and Retirement. The Board raised concerns about the pension system’s low funded ratio and its impact on the City's financial stability.
News Articles and Press Releases
News Article
City overspends in overtime, again
November 15, 2016
Philadelphia overspent on overtime for the sixth consecutive year, with total overtime costs reaching $170 million in FY16, exceeding the budget by 26%. The Police and Fire Departments accounted for the majority of the spending, and PICA warned that rising overtime costs could negatively impact the city's long-term fund balances.
News Articles and Press Releases
Press Release
City of Philadelphia’s Overtime Costs Across Key Departments Approximately $170 Million for FY16, $45 Million Over Budget
November 14, 2016
Press Release announcing PICA report on FY16 overtime spending. City of Philadelphia’s Overtime Costs Across Key Departments Approximately $170 Million for FY16, $45 Million Over Budget.
Board Materials
Minutes
October 18, 2016 Board Meeting Minutes
October 18, 2016
The PICA Board met on October 18, 2016, to review quarterly financial updates, discuss the upcoming annual report, and plan its third annual fall conference. The Board also debated the impact of the Sweetened Beverage Tax and potential legal risks.
News Articles and Press Releases
Press Release
PICA: City of Philadelphia’s General Fund Revenues for FY16: $81.1 Million Higher Than Projected — Fund Balance $36.4 Million Higher than Projected
October 14, 2016
Press Release announcing PICA report on the FY16Q4 QCMR. PICA: City of Philadelphia’s General Fund Revenues for FY16: $81.1 Million Higher Than Projected—Fund Balance $36.4 Million Higher Than Projected
PICA Reports on Philadelphia's Financial Reports
Annual OT Report
FY16 Annual Overtime Report
October 1, 2016
PICA’s FY16 Annual Overtime Report highlights record-high overtime spending of $170 million, which exceeded the budgeted allocation by $45 million. The report assesses departmental overspending, workforce management challenges, and the need for improved overtime forecasting.
Board Materials
Minutes
August 31, 2016 Board Meeting Minutes
August 31, 2016
The PICA Board met on August 31, 2016, to approve the FY2017-2021 Five-Year Financial Plan and discuss pension funding challenges. The Board expressed concerns about labor obligations exceeding reserves and the long-term fiscal sustainability of the City’s pension system.
News Articles and Press Releases
Press Release
PICA Board Approves City of Philadelphia’s FY17-21 Five-Year Plan
August 31, 2016
Press Release announcing that the PICA Board Approves City of Philadelphia’s FY17 to FY21 Five-Year Plan and Kevin Vaughan Elected PICA Chair.
News Articles and Press Releases
News Article
City’s five-year plan approved despite recession warning
August 31, 2016
Philadelphia’s five-year financial plan, approved by PICA, projects continued revenue growth to fund labor agreements and rising pension costs but does not account for a potential recession. Board members expressed concern that the city's revenue assumptions may be too optimistic given economic forecasts predicting a downturn.
Board Materials
Resolution
Resolution 2017-04 Approval of DROP Study Services
August 31, 2016
PICA engaged the Center for Retirement Research at Boston College to update its 2010 study on Philadelphia’s Deferred Retirement Option Plan (DROP). The Executive Director was authorized to negotiate and execute a contract for the study, with a budget not exceeding $55,000.
Board Materials
Resolution
Resolution 2017-03 Approval of FY17 Board Meeting Schedule
August 31, 2016
PICA approved the official meeting schedule for FY2017 and set the date for its FY2018 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.
Board Materials
Resolution
Resolution 2017-02 Approval of 2017-2021 Five-Year Plan
August 31, 2016
PICA approved the City of Philadelphia’s FY2017-FY2021 Five-Year Financial Plan, confirming that it meets statutory requirements. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.
Board Materials
Resolution
Resolution 2017-01 Election of Board Officers
August 31, 2016
PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Karp as Vice Chairperson, Mr. McColgan as Secretary/Treasurer, and Mr. Rost as Assistant Secretary. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.