Publications

The PICA Board met on October 20, 2020, to approve financial resolutions and discuss the City’s overtime reduction strategies. The Board approved capital project funding reallocations for the Fire and Police Departments under Resolutions 2021-05 and 2021-06.

PICA approved hiring a financial advisor to evaluate whether terminating two basis cap transactions with JP Morgan Chase Bank would be beneficial. The resolution authorized soliciting proposals from PFM Financial Advisors and Phoenix Capital Partners.

PICA approved the allocation of $862,000 from surplus bond proceeds to fund ADA accessibility improvements at four Philadelphia Police Districts. The improvements include new ramps, elevators, restrooms, and accessibility enhancements to public areas.

PICA approved the allocation of $210,280.52 from surplus bond proceeds to fund an emergency capital project at Philadelphia Fire Department’s Engine 37. The project involves replacing the emergency generator and upgrading mechanical, electrical, and plumbing systems.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY20 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.

PICA’s FY20 Annual Overtime Report highlights record-high overtime spending of $201.4 million, exceeding the City’s budgeted allocation by $28.4 million (16.4%). The report examines the impact of staffing shortages, departmental overspending, and the effects of the COVID-19 pandemic on workforce operations.

The PICA Board met on September 15, 2020, to discuss City overtime spending, tax revenue reports, and the settlement of LIBOR litigation. The Board approved Resolution 2021-04, authorizing the Executive Director and Chairperson to execute LIBOR settlement agreements.

PICA approved a settlement agreement in the LIBOR interest rate manipulation lawsuit and delegated authority to approve future settlements to the Chairperson and Executive Director. The resolution ensures streamlined decision-making for future related settlements while maintaining Board oversight.

The fourth quarter FY20 QCMR projects General Fund revenues at $4.86 billion, $57.6 million below the Five-Year Plan, while obligations are projected at $5.09 billion, $61.9 million higher than expected. The final year-end fund balance is estimated at $254.9 million, which is $45.0 million above the original Five-Year Plan projection, though revenue declines were driven by the COVID-19 pandemic.

PICA’s Staff Report on the City of Philadelphia’s FY21–25 Five-Year Financial Plan recommends approval of the FY21-25 Plan, concluding that the Plan meets statutory requirements while identifying key risks related to revenue volatility, spending assumptions, and the City’s long-term fiscal sustainability.

The PICA Board met on July 21, 2020, to approve the FY2021-2025 Five-Year Financial Plan and discuss the City’s revenue forecasts. The Board approved Resolution 2021-01, endorsing the Plan with conditions on overtime monitoring and financial reporting.

Press release announcing that the PICA Board Unanimously Approves City’s FY2021-FY2025 Five Year Plan and Kevin Vaughan Re-elected Chair

PICA approved the official meeting schedule for FY2021 and set the date for its FY2022 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

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.

PICA approved the City of Philadelphia’s FY2021-FY2025 Five-Year Financial Plan, including an Addendum outlining revenue reductions and an overtime reduction strategy. The approval ensures that the City’s financial projections align with legal and fiscal standards.

The PICA Board met on June 16, 2020, to discuss tax revenue projections, wage tax impacts from remote work, and overtime control measures. The Board approved Resolutions 2020-11 and 2020-12, engaging J. Miller & Associates for accounting services and Parker Bond Consulting for arbitrage calculations.