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Featured Publications
Debt and Pensions
Fact Sheet
Debt and Taxes: Tax-Exempt vs. Taxable Bonds
April 13, 2026
Cities can lower borrowing costs by issuing tax-exempt bonds, but these come with restrictions that limit how funds can be used, particularly for projects that aren’t publicly owned. Taxable bonds offer greater flexibility for investments like affordable housing and neighborhood development, though they typically carry higher interest costs. Choosing between these financing tools requires balancing…
Debt and Pensions
Fact Sheet
Digging Into (and Out of) Debt
April 6, 2026
Philadelphia’s General Fund-supported debt declined by about nine percent over the past decade, even as the City continued to borrow for major investments in infrastructure, housing, and public facilities. This progress reflects consistent repayment of older obligations, including pension-related borrowing and legacy debts from prior fiscal challenges. Looking ahead, with annual debt service expected to…
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 2021-13 Approval of Revenue Analysis Services
April 20, 2021
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2022-FY2026 Five-Year Financial Plan for a fee not exceeding $9,000. This engagement supports PICA’s role in ensuring the reasonableness of financial projections.
Board Materials
Minutes
March 16, 2021 Board Meeting Minutes
March 16, 2021
The PICA Board met on March 16, 2021, to review tax revenue reports and discuss the impact of federal stimulus funding on the City’s budget. The Board also examined overtime trends and labor contract negotiations.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY21 Q2
March 1, 2021
The FY21 Quarterly Overtime Report for Q2 shows a continued downward trend in spending, with total overtime costs declining by 6.8% compared to FY20.
Board Materials
Minutes
February 24, 2021 Board Meeting Minutes
February 24, 2021
The PICA Board met on February 24, 2021, to approve the FY2022 PICA Operating Budget and recognize departing Board Member Tina Byles Williams. The Board also discussed the City’s potential FY2022 budget deficit and overtime control measures.
Board Materials
Resolution
Resolution 2021-12 Recognizing Tina Byles Williams
February 24, 2021
PICA recognized and expressed appreciation for the service of Tina Byles Williams, who served on the governing board from 2017 to 2021. Her leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.
Board Materials
Resolution
Resolution 2021-11 Approval of FY22 PICA Operating Budget
February 24, 2021
PICA approved its FY2022 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.
News Articles and Press Releases
Press Release
COVID-19 Pandemic Continues to Impact City Budget
February 23, 2021
Press Release announcing PICA's report on the FY21Q2 QCMR. COVID-19 Pandemic Continues to Impact City Budget.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY21 Q2
February 18, 2021
The second quarter FY21 QCMR projects General Fund revenues at $4.60 billion, $20.6 million above the Five-Year Plan, while obligations have risen to $4.93 billion, $129.3 million higher than projected. The year-end fund balance is now projected at $29.1 million, $22.3 million below the Five-Year Plan projection, showing continued fiscal strain.
Board Materials
Minutes
January 19, 2021 Board Meeting Minutes
January 19, 2021
The PICA Board met on January 19, 2021, to reappoint Executive Director Harvey Rice and discuss the City’s overtime reduction plan. The Board approved Resolution 2021-09, extending Rice’s leadership, and Resolution 2021-10, recognizing departing Board Member James F. Cawley.
Board Materials
Resolution
Resolution 2021-10 Recognizing James F. Cawley
January 19, 2021
PICA recognized and expressed appreciation for the service of James F. Cawley, who served on the governing board from 2017 to 2021 and as Assistant Secretary/Treasurer. His leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.
Board Materials
Resolution
Resolution 2021-09 Reappointing Executive Director
January 19, 2021
PICA reappointed Harvey M. Rice as Executive Director, extending his term to continue overseeing the Authority’s financial oversight responsibilities. His appointment remains in effect until a successor is appointed, or his term is otherwise concluded.
Board Materials
Minutes
December 1, 2020 Board Meeting Minutes
December 1, 2020
The PICA Board met on December 1, 2020, to approve the termination of Basis Cap investments and review the City’s overtime spending. The Board passed Resolution 2021-08, authorizing the termination of Basis Caps, yielding a net termination payment of $404,000.
Board Materials
Resolution
Resolution 2021-08 Approval of Basis Cap Termination
December 1, 2020
PICA authorized the termination of two basis cap swap transactions with JP Morgan Chase Bank, ensuring proper financial management of prior bond agreements. Phoenix Capital Partners was selected as a swap advisor to assist with this process.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY21 Q1
December 1, 2020
The FY21 Quarterly Overtime Report for Q1 reports a 23.1% decrease in overtime spending compared to FY19, largely due to the impact of COVID-19 on City operations.
News Articles and Press Releases
Press Release
Quarterly City Managers Report Projects $22.8 Million General Fund Balance for FY2021
November 25, 2020
Press Release announcing PICA Report on the FY19Q1 Quarterly City Managers Report. Revenues, Expenditures, and Fund Balance Higher Than City’s Five Year Plan Projections.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY21 Q1
November 18, 2020
The first quarter FY21 QCMR projects General Fund revenues at $4.58 billion, $0.7 million above the Five-Year Plan, while obligations have increased to $4.87 billion, $65.0 million higher than expected. The year-end fund balance is projected at $22.8 million, $28.4 million lower than the Five-Year Plan projection, signaling financial strain from pandemic-related expenditures.