Publications

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.

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.

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.

The PICA Board met on October 25, 2022, to review City financial reports and discuss overtime trends affecting municipal operations. The Board raised concerns about tax revenue collection and the City’s workforce challenges.

The October 25, 2022, meeting agenda includes standard reports, an overtime update, and time for public comment. The Board will also review and approve minutes from the previous meeting and discuss new business.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY22 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 FY22 Annual Overtime Report analyzes record-high overtime spending of $213 million, marking a 14.7% increase from FY21 and exceeding the City’s budgeted allocation by $27.2 million (14.6%). The report highlights key drivers, including public safety demands, staffing shortages, and rising salary costs.

Press Release announcing PICA report on the FY22Q4 QCMR. FY2022 Revenues Projected to Outpace Obligations Year-End Fund Balance Projected at $492.4 Million

The fourth quarter FY22 QCMR projects General Fund revenues at $5.49 billion, $410.9 million above the Revised Five-Year Plan, while obligations have declined to $5.32 billion, $28.1 million below projections. The final year-end fund balance is estimated at $492.4 million, $358.5 million above the Five-Year Plan estimate, ensuring a stronger financial position​.

The PICA Board met on July 27, 2022, to approve the FY2023-2027 Five-Year Financial Plan and reauthorize officer appointments. The Board also discussed the extension of PICA’s oversight authority through 2047.

Press Release announcing that thePICA Board Unanimously Approves City’s FY2023-FY2027 Five Year Plan and Kevin Vaughan Re-elected Chair.

The July 27, 2022, meeting agenda includes votes on the Five-Year Plan, Board Officer elections, and the FY2023 Meeting Schedule. The Board will also review reports from the Executive Director and Treasurer and discuss overtime spending.

PICA approved the official meeting schedule for FY2023 and set the date for its FY2024 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act’s public notice requirements. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Ms. Richardson 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 FY2023-FY2027 Five-Year Financial Plan, confirming that it meets the statutory requirements under the Pennsylvania Intergovernmental Cooperation Authority Act. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.

PICA's Staff Report on The Five-Year Financial Plan for FY23-27 outlines Philadelphia’s fiscal projections, budget priorities, and potential financial risks while emphasizing revenue growth and expenditure management.