Publications

The FY22 Quarterly Overtime Report for Q2 shows a 6.8% decline in overtime spending from FY21, with total costs reaching $98.0 million, the lowest Q2 total since FY19.

Press Release announcing PICA Report on the FY22Q2 QCMR. City’s FY2022 Spending Projected to Outpace Revenues by $288 Million Year-End Fund Balance Projected at $133.7 Million

The second quarter FY22 QCMR projects General Fund revenues at $5.18 billion, $104.3 million above the Revised Five-Year Plan, while obligations have risen to $5.37 billion, $24.0 million higher than projected. The year-end fund balance is now projected at $133.7 million, $200,000 below the Revised Five-Year Plan, remaining below the City's fiscal target​.

The PICA Board met on February 15, 2022, to approve the FY2023 PICA Operating Budget and discuss revenue collection trends. The Board also reviewed the impact of ongoing labor contract negotiations on the City’s long-term financial outlook.

The February 15, 2022, meeting agenda includes reports, a vote on the FY2023 PICA Operating Budget, and an overtime update. The Board will also discuss new business items and hear public comment.

PICA approved its FY2023 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.

The FY22 Quarterly Overtime Report for Q1 shows an 19.9% increase in overtime spending from FY21, reaching $48.3 million, with Police, Prisons, and Streets seeing the largest increases.

Press release announcing PICA report on the FY22Q1 QCMR.City’s FY2022 Spending Projected to Outpace Revenues by $358 Million, Year-End Fund Balance Projected at $133.9 Million

The first quarter FY22 QCMR projects General Fund revenues at $5.08 billion, $177.4 million below the Five-Year Plan, while obligations have increased to $5.35 billion, $47.3 million higher than expected. The year-end fund balance is now projected at $133.9 million, $47.3 million higher than the original Five-Year Plan estimate but far below the City's 6-8% target​.

The PICA Board met on November 16, 2021, to review the City’s Revised FY2022-2026 Five-Year Financial Plan and discuss financial risks. The Board approved the revised plan, noting concerns over pension funding and overtime spending.

Press Release announcing that the PICA Board Unanimously Approves City’s Revised FY2022-FY2026 Five Year Plan.

The November 16, 2021, meeting agenda includes reports, an overtime update, and a vote on the revised Five-Year Plan for FY2022-2026. The Board will also hear public comment and discuss new business items.

PICA approved a revised Five-Year Financial Plan for FY2022-FY2026 to incorporate the costs of new labor contracts. The revised plan ensures compliance with statutory requirements and reflects updated financial projections.

PICA's Staff Report on The Five-Year Financial Plan for FY22-26 (Revised Oct) updates Philadelphia’s financial projections, incorporating adjustments to tax revenue forecasts, expenditure allocations, and fund balance estimates.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY21 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.

The PICA Board met on June 10, 2021, to discuss delayed submission of the City’s revised FY2022-2026 Five-Year Financial Plan due to new labor contracts. The Board approved Resolution 2022-04, extending the submission deadline.