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Featured Publications
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q3
May 28, 2026
The City’s projected FY26 General Fund balance is now anticipated to reach $799.8M (12.6% of revenues), growing by $290.6M from Q2 to Q3. This increase is encouraging but was made possible in large part by non-recurring factors, like an additional $144.3M in liquidated prior-year encumbrances, reduced obligations due to later-than-anticipated bond issuance, Labor Reserve realignment,…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY26 Q3
May 28, 2026
Citywide overtime spending reached $216.0 million through FY26 Q3, $13.6 million lower than the same period in FY25, though full-year overtime is still projected to reach $344.1 million. Overtime remains driven by persistent vacancies, pay increases, snow event response, and increased special events. Improved staffing helped reduce the General Fund vacancy rate to 13.9 percent,…
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…
Board Materials
Resolution
Resolution 2023-03 Approval of FY23 Board Meeting Schedule
July 27, 2022
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.
Board Materials
Resolution
Resolution 2023-02 Election of Board Officers
July 27, 2022
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.
Board Materials
Resolution
Resolution 2023-01 Approval of FY23-27 Five-Year Plan
July 27, 2022
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 Reports on Philadelphia's Five-Year Plan
Staff Report on the City of Philadelphia's Five-Year Plan
PICA Staff Report on the City of Philadelphia’s FY23-27 Five-Year Plan
July 27, 2022
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.
News Articles and Press Releases
Press Release
Legislation Extending PICA Signed by Governor Wolf
July 8, 2022
Press Release announcing that Governor Wolf signed legislation to Extend PICA beyond its June 2023 expiration. This renewal of authorization was signed on July 8, 2022
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY22 Q3
June 1, 2022
The FY22 Quarterly Overtime Report for Q3 finds that overtime spending increased by 7.4% from FY21, with total expenditures reaching $152.7 million, the highest Q3 total on record.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY22 Q3
May 18, 2022
The third quarter FY22 QCMR projects General Fund revenues at $5.43 billion, $353.2 million above the Revised Five-Year Plan, while obligations have risen to $5.36 billion, $16.7 million higher than projected. The year-end fund balance is now expected to reach $389.9 million, $256 million above prior projections, representing 7.2% of obligations.
Board Materials
Minutes
May 17, 2022 Board Meeting Minutes
May 17, 2022
The PICA Board met on May 17, 2022, to approve a contract for arbitrage rebate calculations and discuss the City’s hiring challenges. The Board also reviewed updates on the FY2023 budget process and financial risks.
Board Materials
Agenda
Agenda for May 17, 2022 PICA Board Meeting
May 17, 2022
The May 17, 2022, meeting agenda includes votes on arbitrage services, an overtime update, and discussions on new business matters. The Board will also hear reports from the Executive Director and Treasurer.
Board Materials
Resolution
Resolution 2022-08 Approval of Arbitrage Rebate Services
May 17, 2022
PICA retained The Arbitrage Group to provide arbitrage rebate consulting services for the calculation periods ending June 30, 2022, and June 30, 2023. The firm was engaged for a fee not exceeding $1,000 per period to ensure compliance with federal tax regulations.
Board Materials
Minutes
April 19, 2022 Board Meeting Minutes
April 19, 2022
The PICA Board met on April 19, 2022, to review economic forecasts, wage tax trends, and the impact of remote work on City revenues. The Board also approved a revenue analysis consulting contract for the FY2023-2027 Five-Year Financial Plan.
Board Materials
Agenda
Agenda for April 19, 2022 PICA Board Meeting
April 19, 2022
The April 19, 2022, meeting agenda includes an Executive Session, a vote on revenue analysis services, and a City presentation on the proposed FY2023-2027 Five-Year Plan. The Board will also review reports and discuss overtime trends.
Board Materials
Resolution
Resolution 2022-07 Approving Revenue Analysis Services
April 19, 2022
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2023-FY2027 Five-Year Financial Plan for a fee not exceeding $9,000. This engagement supports PICA’s role in ensuring the reasonableness of financial projections.
News Articles and Press Releases
Press Release
PICA Issues Report on Pandemic’s Impact on City Employee Separations
April 14, 2022
Press Release announcing that PICA Issues Report on Pandemic’s Impact on City Employee Separations.
News Articles and Press Releases
Press Release
PICA Marks 30 Years with Retrospective Report
April 6, 2022
Press Release announcing that PICA Marks 30 Years with Retrospective Report.
Government Operations, Efficiency, & Performance
COVID-19 Impact on City of Philadelphia Employee Separation
April 1, 2022
The COVID-19 Impact on City of Philadelphia Employee Separation report examines how the pandemic accelerated workforce exits, with separations rising from 6.4% pre-pandemic to 11.0% in 2021.