Publications

PICA’s Fact Sheet on the City of Philadelphia's FY23 Annual Comprehensive Financial Report (ACFR) provides an audited, detailed assessment of the City of Philadelphia’s financial position. The report highlights a 26% increase in the General Fund balance, stable locally generated revenues, and the City’s unmodified audit opinion, underscoring its compliance with GAAP and GASB standards while maintaining financial transparency.

The General Counsel contract includes both the RFP issued by PICA requesting legal services and the response from the successful respondent, Ballard Spahr LLP. The document outlines the scope of work to be provided and the fees for those services.

The PICA Board met on February 20, 2024, to approve the Authority’s FY25 Operating Budget and select new legal counsel. The Board also discussed City financial trends, including budget surpluses and the ongoing lease renegotiation for PICA’s office.

The February 20, 2024, meeting agenda includes standard reports, an executive session (if needed), and votes on resolutions for the FY25 PICA Operating Budget and General Counsel selection. The Board will also review City financial updates and public comment.

PICA approved the engagement of a new General Counsel following a competitive RFP process, selecting a firm based on qualifications and experience. The contract is for one year, with three one-year renewal options at PICA’s discretion.

PICA approved its FY2025 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’s contract with Ballard Spahr for General Counsel services. Contract entered into via Resolution 2024-08, eligible for up to three additional one-year renewals.

The second quarter FY24 QCMR projects General Fund revenues at $5.94 billion, $68.0 million below the Five-Year Plan, while obligations have increased to $6.46 billion, $262.0 million higher than projected. The year-end fund balance is now projected at $504.0 million, $24.0 million lower than the Five-Year Plan, representing 8.5% of revenues​.

The PICA Board met on January 16, 2024, to review the City’s FY23 financial performance, approve conference expenses, and discuss leasing options for PICA’s office space. The Board also examined City staffing trends and budget allocations.

The January 16, 2024, meeting agenda includes reports from the Executive Director and Treasurer, a vote on conference expenses, and public comment. The Board will also review the approval of minutes from the previous meeting.

PICA approved funding for two staff members to attend the American Planning Association Annual Conference in April 2024 and two staff members to attend the Government Finance Officers Association Annual Conference in June 2024. The estimated costs, totaling approximately $11,454, were deemed reasonable and beneficial for the Authority.

PICA’s Federal Funds and Fiscal Cliffs issue brief examines how Philadelphia has relied on pandemic-related federal relief funds and the challenges it faces in maintaining fiscal stability as these funds expire.

PICA’s FY24 MidYear Budget Amendment Issue Brief evaluates trends in Philadelphia’s MidYear Transfer Ordinances, outlining best practices for responsible amendments and highlighting risks of excessive mid-year budget changes.

The FY24 Quarterly Overtime Report for Q1 shows that overtime spending reached $59.6 million, coming in $8 million under budget despite increases in some departments.

The PICA Board met on November 21, 2023, to review financial trends, budget adjustments, and legal services procurement. The Board also discussed City staffing vacancies, labor contract negotiations, and tax collection issues.

The November 21, 2023, meeting agenda includes reports from the Executive Director and Treasurer, an overtime update, and new business discussions. The Board will also review and approve the minutes from the previous meeting.