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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…
News Articles and Press Releases
Press Release
FY2023 Fund Balance Projected to be $660.5 Million
March 6, 2023
Press release announcing PICA's report on the FY23Q2 Quarterly City Managers Report. FY2023 Fund Balance Projected to be $660.5 Million Obligations Projected to Outpace Revenues.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY23 Q2
March 1, 2023
The FY23 Quarterly Overtime Report for Q2 shows a 36.2% increase in overtime spending compared to FY22, with total expenditures reaching $133.4 million, the highest Q2 total on record.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY23 Q2
February 18, 2023
The second quarter FY23 QCMR projects General Fund revenues at $5.89 billion, $189.4 million above the Five-Year Plan, while obligations have increased to $6.03 billion, $191.1 million higher than projected. The year-end fund balance is now projected at $660.5 million, $288.3 million above the Five-Year Plan projection, representing 11% of obligations.
Board Materials
Minutes
January 25, 2023 Board Meeting Minutes
January 25, 2023
The PICA Board met on January 25, 2023, for a special session to approve staff hiring authorizations and the FY2024 Operating Budget. The Board granted the Executive Director discretion to fill vacant positions (Resolution 2023-07) and approved the annual budget (Resolution 2023-08).
Board Materials
Agenda
Agenda for January 25, 2023 Special PICA Board Meeting
January 25, 2023
The January 25, 2023, Special Meeting agenda includes votes on hiring authorization and the approval of the FY2024 PICA Operating Budget. The Board will also review new business matters and hear public comment.
Board Materials
Resolution
Resolution 2023-08 Approval of FY24 PICA Operating Budget
January 25, 2023
PICA approved its FY2024 Operating Budget, ensuring continued funding for the Authority’s financial oversight activities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.
Board Materials
Resolution
Resolution 2023-07 Delegation of Hiring Authority
January 25, 2023
PICA delegated hiring authority to the Executive Director to fill two staff vacancies for Deputy Executive Director and Analyst positions. This authorization ensures operational continuity and adherence to the Authority’s employment policies.
Board Materials
Minutes
January 10, 2023 Board Meeting Minutes
January 10, 2023
The PICA Board met on January 10, 2023, to reappoint Harvey Rice as Executive Director and approve consulting services for revenue reporting. The Board also approved a $380,000 reallocation of capital funds for Free Library facility improvements.
Board Materials
Resolution
Resolution 2023-06 Approval of Capital Substitution
January 10, 2023
PICA approved the use of $380,000 in surplus bond proceeds to fund additional capital projects, including library elevator modernizations and roof replacements. This allocation ensures the continued improvement of public facilities in Philadelphia.
Board Materials
Resolution
Resolution 2023-05 Approval of Consulting Services
January 10, 2023
PICA retained Angela Bird to provide consulting services for analyzing the City’s revenue, expenditures, and overtime data, preparing monthly reports. The engagement is based on a proposal dated December 20, 2022, with a compensation rate of $50 per hour.
Board Materials
Resolution
Resolution 2023-04 Reappointing Executive Director
January 10, 2023
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.
News Articles and Press Releases
Press Release
FY2023 Fund Balance Projected to Exceed $500 Million
December 7, 2022
Press release announcing PICA report on the FY23Q1 QCMR. FY2023 Fund Balance Projected to Exceed $500 Million, Obligations Projected to Outpace Revenues.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY23 Q1
December 1, 2022
The FY23 Quarterly Overtime Report for Q1 reports a 34.4% increase in overtime spending from FY22, reaching $64.9 million, the highest Q1 total on record.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY23 Q1
November 18, 2022
The first quarter FY23 QCMR projects General Fund revenues at $5.73 billion, $24.5 million above the Five-Year Plan, while obligations are projected at $6.02 billion, $177.9 million higher than expected. The year-end fund balance is projected at $505.3 million, $133.1 million higher than the Five-Year Plan estimate, representing 8.4% of obligations.
Board Materials
Minutes
November 15, 2022 Board Meeting Minutes
November 15, 2022
The PICA Board met on November 15, 2022, to review tax revenue collections, budget performance, and City staffing challenges. The Board also discussed the impact of real estate tax appeals on City finances.
Board Materials
Agenda
Agenda for November 15, 2022 PICA Board Meeting
November 15, 2022
The November 15, 2022, meeting agenda includes reports, an overtime update, and discussions on new business matters. The Board will also review and approve minutes from the previous meeting.