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Featured Publications
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q4
September 1, 2026
Philadelphia’s FY26 Q4 QCMR projects an $884.4 million year-end General Fund balance, equal to 14.0 percent of revenues, with revenues and obligations both at 99.4 percent of the PICA-approved FY26-30 Five-Year Plan. The improved fund balance reflects the unused $91.0 million Federal Funding Reserve and a stronger starting position from FY25, while the City still…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY26 Q4
September 1, 2026
Philadelphia’s FY26 projected year-end citywide overtime spending totals $318.5 million, a 1.1 percent increase over FY25, while overtime as a share of Class 100 spending declines from 14.2 percent to 13.2 percent. Special events, pay increases, and continued vacancies remain key drivers of overtime costs, though improved staffing helped reduce the citywide vacancy rate from…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Looking Backwards and Looking Ahead: The City of Philadelphia’s Fiscal Performance & Projections
August 17, 2026
Philadelphia’s recent fiscal performance and FY27-31 projections show a transition from strong reserve buildups from FY21-25 to a Five-Year Plan shaped by planned investments, operating deficits, and lower reserve levels. Pension funding and General Fund revenues are projected to improve over the Plan period, while long-term obligations are expected to peak in FY29 before returning…
Board Materials
Agenda
Agenda for October 6, 2021 Special PICA Board Meeting
October 6, 2021
The October 6, 2021, Special Meeting agenda includes a vote on a resolution allowing delayed submission of the Revised FY2022-2026 Five-Year Plan. The Board will also discuss new business items and hear public comment.
Board Materials
Resolution
Resolution 2022-04 Consenting to Delayed Submission of Revised FY22-26 Five-Year Plan
October 6, 2021
PICA granted the City of Philadelphia an extension to submit revisions to the FY2022-FY2026 Five-Year Financial Plan due to non-complying labor contracts. The deadline was extended to no later than October 29, 2021.
PICA Reports on Philadelphia's Financial Reports
Annual OT Report
FY21 Annual Overtime Report
October 1, 2021
PICA’s FY21 Annual Overtime Report reviews $185.6 million in overtime spending, reflecting a 10.8% decrease from FY20. The report analyzes departmental spending trends, the impact of pandemic-driven workforce reductions, and ongoing fiscal challenges related to overtime costs.
News Articles and Press Releases
Press Release
Philadelphia Ranks Near Bottom in Reserve Funds, Fund Balance when Compared with Other Cities
September 23, 2021
Press Release announcing PICA report on Fund Balance and Reserves. Philadelphia Ranks Near Bottom in Reserve Funds, Fund Balance when Compared with Other Cities.
Board Materials
Minutes
September 14, 2021 Board Meeting Minutes
September 14, 2021
The PICA Board met on September 14, 2021, to review tax revenue reports, the City’s overtime spending, and federal funding for Hurricane Ida recovery. The Board also discussed the upcoming PICA fall conference and the potential need for a revised FY2022-2026 Five-Year Plan.
Board Materials
Agenda
Agenda for September 14, 2021 PICA Board Meeting
September 14, 2021
The September 14, 2021, meeting agenda includes reports, a fund balance and reserve fund comparison discussion, and an overtime update. The Board will also hear public comment and discuss new business items.
Reserves and Fiscal Stability
Issue Report
Fund Balance and Reserve Fund Comparison
September 1, 2021
The Fund Balance and Reserve Fund Comparison report evaluates Philadelphia’s financial reserves, comparing them to other cities and highlighting the City's relatively low fund balance levels. It assesses the City's general fund balance and budget stabilization reserve against best practices, emphasizing the risks of insufficient reserves.
News Articles and Press Releases
Press Release
City FY2021 Year-End Fund Balance Projected at $78.8 Million
August 24, 2021
Press Release announcing PICA report on the FY21Q4 QCMR. City’s FY2021 Year-End Fund Balance Projected at $78.8 Million, City Spending is Projected to Outpace Revenues by $300 Million
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY21 Q4
August 18, 2021
The fourth quarter FY21 QCMR projects General Fund revenues at $4.62 billion, $33.5 million above the Five-Year Plan, while obligations have risen to $4.92 billion, $114.6 million higher than projected. The final year-end fund balance is estimated at $78.8 million, $27.4 million above the original Five-Year Plan projection, bolstered by federal relief funds.
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 FY22-26 Five-Year Plan
July 30, 2021
PICA's Staff Report on The Five-Year Financial Plan for FY22-26 sets Philadelphia’s financial trajectory for fiscal years 2022-2026, incorporating economic recovery strategies, budgetary adjustments, and financial risk assessments.
Board Materials
Minutes
July 27, 2021 Board Meeting Minutes
July 27, 2021
The PICA Board met on July 27, 2021, to approve the FY2022-2026 Five-Year Financial Plan and discuss budget stabilization reserve funding. The Board also elected officers for the new fiscal year and approved the FY2022 meeting schedule.
News Articles and Press Releases
Press Release
PICA Board Unanimously Approves City’s FY2022-FY2026 Five Year Plan
July 27, 2021
Press Release announcing that the PICA Board Unanimously Approves City’s FY2022-FY2026 Five Year Plan and Kevin Vaughan Re-elected Chair.
Board Materials
Agenda
Agenda for July 27, 2021 Annual PICA Board Meeting
July 27, 2021
The July 27, 2021, meeting agenda includes votes on the Five-Year Plan, Board Officer elections, and the FY2022 Meeting Schedule. The Board will also review reports and discuss overtime spending.
Board Materials
Resolution
Resolution 2022-03 Approval of FY22 Board Meeting Schedule
July 27, 2021
PICA approved the official meeting schedule for FY2022 and set the date for its FY2023 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.
Board Materials
Resolution
Resolution 2022-02 Election of Board Officers
July 27, 2021
PICA elected its officers for a one-year term, appointing a Chairperson, Vice Chairperson, Secretary/Treasurer, and Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.
Board Materials
Resolution
Resolution 2022-01 Approval of FY22-26 Five-Year Plan
July 27, 2021
PICA approved the City of Philadelphia’s FY2022-FY2026 Five-Year Financial Plan, confirming that it meets statutory requirements. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.