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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…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY21 Q3
June 1, 2021
The FY21 Quarterly Overtime Report for Q3 indicates a 4.5% decline in overtime spending from FY20, though departments still exceeded 95% of their budgeted allocations.
Board Materials
Minutes
May 26, 2021 Board Meeting Minutes
May 26, 2021
The PICA Board met on May 26, 2021, to approve an arbitrage services contract and discuss departmental overtime usage. The Board approved Resolution 2021-14, engaging The Arbitrage Group for FY2021.
News Articles and Press Releases
Press Release
City’s FY2021 Fund Balance projected to be $51.7 Million
May 24, 2021
This press release announcies PICA's analysis of the FY21Q3 Quarterly City Manager's Report. It found that the City’s FY2021 Fund Balance projected to be $51.7 Million and City spending is projected to outpace revenues
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY21 Q3
May 18, 2021
The third quarter FY21 QCMR projects General Fund revenues at $4.60 billion, $16.8 million above the Five-Year Plan, while obligations are projected at $4.93 billion, $124.9 million higher than expected. The year-end fund balance is projected at $51.7 million, matching the Five-Year Plan estimate but reflecting continued expenditure challenges.
Board Materials
Minutes
April 20, 2021 Board Meeting Minutes
April 20, 2021
The PICA Board met on April 20, 2021, to discuss tax revenue updates, financial projections, and the City’s FY2022-2026 Five-Year Plan. The Board approved Resolution 2021-13, extending Charles Swanson’s consulting contract for revenue analysis.
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.