Publications

The third quarter FY15 QCMR projects General Fund revenues at $3.79 billion, $636.0 million below the Five-Year Plan, while obligations have remained steady at $3.87 billion, $659.0 million lower than expected. The year-end fund balance is projected at $142.4 million, $74.0 million above prior estimates, despite persistent cost pressures from labor agreements and rising indemnities costs​.

The PICA Board met on April 21, 2015, to review financial updates, discuss the Five-Year Plan review process, and receive reports on pension funding and litigation. The Board also discussed City tax revenue performance and ongoing budget hearings.

The second quarter FY15 QCMR projects General Fund revenues at $3.79 billion, $639.3 million below the Five-Year Plan, while obligations have decreased to $3.87 billion, $659.2 million lower than projected. The year-end fund balance is now projected at $146.1 million, $77.8 million above the Five-Year Plan projection, but impacted by the failure to sell Philadelphia Gas Works (PGW)​.

The PICA Board met on January 20, 2015, to reappoint Executive Director Harvey Rice, discuss tax revenue performance, and review the City’s pension system audit. The Board also received updates on PICA’s revenue recovery efforts and pending legislative changes.

Philadelphia’s Pension System: Reducing Risk and Achieving Fiscal Stability' assesses the City’s pension challenges, finding that costs as a percentage of payroll have risen from 17.3% in FY91 to 39.2% in FY15, placing significant pressure on the budget. The report recommends mandatory enrollment in a hybrid pension plan for new hires, increased employee contributions, and additional dedicated funding sources.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY14 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.

The PICA Board met on November 18, 2014, to review financial reports, discuss the City’s pension study, and approve PICA’s annual audit. The Board also examined investment strategies and litigation updates related to the LIBOR benchmark rate.

The first quarter FY15 QCMR projects General Fund revenues at $4.47 billion, $45.7 million above the Five-Year Plan, while obligations are projected at $4.56 billion, $36.4 million higher than expected. The year-end fund balance is projected at $135.5 million, $67.1 million higher than the Five-Year Plan estimate, representing 3.0% of obligations.

The PICA Board met on October 14, 2014, to approve a revised Five-Year Financial Plan, elect officers, and discuss revenue projections. The Board approved the plan with concerns over the City’s long-term financial stability and tax enforcement challenges.

The fourth quarter FY14 QCMR projects General Fund revenues at $3.82 billion, $88.1 million above the Five-Year Plan, while obligations increased by $21.9 million. The year-end fund balance is estimated at $184.7 million, reflecting stronger-than-expected revenue performance.

The PICA Board met on July 21, 2014, to approve the FY2015-2019 Five-Year Financial Plan and discuss tax enforcement strategies. The Board debated cost-cutting measures and concerns over the accuracy of City revenue projections.

PICA's Staff Report on The Five-Year Financial Plan for FY15-19 evaluates Philadelphia’s budgetary framework, focusing on revenue diversification, expenditure controls, and financial risk mitigation.

The third quarter FY14 QCMR projects General Fund revenues at $3.84 billion, $107.0 million above the Five-Year Plan, with obligations projected at $3.99 billion, $98.7 million higher than planned. The year-end fund balance is expected to be $119.8 million, reflecting an improved fiscal position.

The second quarter FY14 QCMR projects General Fund revenues at $3.82 billion, $92.9 million above the Five-Year Plan, while obligations are projected to increase by $102.9 million. The year-end fund balance is projected at $101.5 million, reflecting a modest increase in fiscal reserves.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY13 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.

PICA's Staff Report on The Five-Year Financial Plan for FY14-18 outlines Philadelphia’s fiscal priorities and financial projections, focusing on expenditure control, revenue enhancements, and strategies to ensure long-term fiscal health.