Publications

PICA elected its officers for a one-year term, with Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Ms. Sutch as Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.

PICA approved the City of Philadelphia’s FY2024-FY2028 Five-Year Financial Plan after determining that it meets all applicable legal and financial criteria outlined in the Pennsylvania Intergovernmental Cooperation Authority Act and the Intergovernmental Cooperation Agreement. This approval confirms the City’s financial projections and strategies for the next five years, ensuring compliance with statutory requirements.

PICA's Staff Report on The Five-Year Financial Plan for FY24-28 presents a financial roadmap for the City of Philadelphia, outlining revenue projections, expenditure trends, and key fiscal challenges. The plan highlights major risks such as economic volatility, pension funding, and overtime costs while proposing strategies for maintaining fiscal stability.

The PICA-City Intergovernmental Cooperation Agreement is a signed agreement between the City of Philadelphia and the Pennsylvania Intergovernmental Cooperation Authority outlining how they will interact in accordance with the PICA Act. This agreement was updated in June 2023 following amendments to the PICA Act that included extending the life of PICA until at least 2047.

The PICA Board met on June 20, 2023, to select a new depository bank and approve a revised City Account Agreement. The Board chose Firstrust Bank for depository banking services and authorized a temporary agreement with U.S. Bank (Resolutions 2023-14 and 2023-15).

The June 20, 2023, meeting agenda includes reports, votes on resolutions related to banking services, and discussions on seeking proposals for legal counsel. The Board will also review overtime updates and public comment.

PICA approved an amendment or replacement of the City Account Deposit and Disbursement Agreement to extend its term following the final payment of PICA’s bonds. This ensures compliance with the Pennsylvania Intergovernmental Cooperation Authority Act while maintaining proper financial oversight.

PICA approved Firstrust Bank as the provider of Depository Banking Services for four fiscal years beginning July 1, 2023, with four one-year renewal options. This decision follows an RFP process and ensures the secure management of City revenue deposits.

The PICA Board met on June 8, 2023, for a special session to discuss amendments to the Intergovernmental Cooperation Agreement and consulting contracts. The Board approved an updated agreement with the City and renewed a consulting contract for Angela Bird (Resolutions 2023-12 and 2023-13).

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 June 1, 2023, with a compensation rate of $50 per hour.

PICA approved a new Intergovernmental Cooperation Agreement (ICA) with the City of Philadelphia, replacing the prior agreement that expired upon full repayment of PICA’s bonds. This ensures continued financial oversight in accordance with the Pennsylvania Intergovernmental Cooperation Authority Act.

The FY23 Staffing and Overtime Report analyzes staffing shortages in Philadelphia’s municipal workforce, linking vacancies to a 44% increase in overtime spending since FY18.

The FY23 Quarterly Overtime Report for Q3 finds that overtime spending increased by 26.5% from FY22, reaching $193.1 million, the highest Q3 total on record.

Press Release announcing PICA report on the FY23Q3 QCMR. FY2023 Fund Balance Projected to be $614.9 Million, Obligations Projected to Outpace Revenues.

The May 16, 2023, meeting agenda includes reports, a discussion on amending the Intergovernmental Cooperation Agreement, and an overtime update. The Board will also hear public comment and review new business matters.

The third quarter FY23 QCMR projects General Fund revenues at $5.89 billion, $189.7 million above the Five-Year Plan, while obligations have risen to $6.08 billion, $237.3 million higher than projected. The year-end fund balance is projected at $614.9 million, $242.7 million above prior estimates, representing 10.1% of obligations​.