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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
Resolution
Resolution 2020-08 Approval of Audit Services
April 21, 2020
PICA reappointed Maher Duessel, LLP to provide audit services for the fiscal year ending June 30, 2020, with four one-year renewal options. The firm was selected after a competitive RFP process and will ensure compliance with financial reporting requirements.
PICA Capital Financing
Bond Documents
2020 Bond Issuance Documents
March 17, 2020
PICA issued $24.99 million in Special Tax Revenue Refunding Bonds (Series 2020) on a forward delivery basis to refund the 2010 Bonds. These bonds are secured by the same pledged revenues as prior PICA bonds and are subject to a delayed delivery closing date.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY20 Q2
March 1, 2020
The FY20 Quarterly Overtime Report for Q2 finds that overtime spending reached $113.1 million, exceeding the previous year’s Q2 total by $23.6 million.
Board Materials
Minutes
February 26, 2020 Board Meeting Minutes
February 26, 2020
The PICA Board met on February 26, 2020, to approve the FY2021 PICA Operating Budget and discuss City financial trends. The Board approved Resolution 2020-07, adopting the budget while highlighting concerns about rising overtime costs.
News Articles and Press Releases
Press Release
Projected Revenues and Obligations Both Reach $5 Billion
February 26, 2020
Press Release announcing PICA's report on the FY20Q2 QCMR. Projected Revenues and Obligations Both Reach $5 Billion City Projects FY2020 Fund Balance of Over $350 Million.
Board Materials
Resolution
Resolution 2020-07 Approval of FY21 PICA Operating Budget
February 26, 2020
PICA approved its FY2021 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.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY20 Q2
February 18, 2020
The second quarter FY20 QCMR projects General Fund revenues at $5.01 billion, $91.4 million above the Five-Year Plan, while obligations have increased to $5.12 billion, $90.4 million higher than expected. The year-end fund balance is now projected at $352.0 million, $142.1 million above the Five-Year Plan estimate, representing 6.9% of obligations.
News Articles and Press Releases
Press Release
City’s So Far Spends $23.6 Million More in Overtime Than Last Year
January 24, 2020
Press Release announcing that PICA issued a report on overtime spending in FY20Q2. City’s So Far Spends $23.6 Million More in Overtime Than Last Year Departments Spend Two-Thirds of Allocation Halfway Through Fiscal Year.
Board Materials
Minutes
January 21, 2020 Board Meeting Minutes
January 21, 2020
The PICA Board met on January 21, 2020, to review tax revenue performance, approve refunding bonds, and discuss real estate tax appeals. The Board also examined PICA’s future role, with discussions on extending oversight beyond its scheduled termination.
News Articles and Press Releases
Press Release
City’s First Quarter Overtime Spending $5.5 Million More Than Last Year
January 15, 2020
Press Release announcing PICA report on FY20Q1 overtime spending. City’s First Quarter Overtime Spending $5.5 Million More Than Last Year, Departments Spend 32 Percent of Annual Allocation in First Quarter
PICA Capital Financing
Bond Documents
2019 Bond Issuance Documents
December 3, 2019
The 2019 Bonds were issued to refund the outstanding 2009 Bonds, while the 2020 Bonds were structured as a forward delivery issuance to refund the 2010 Bonds. These bonds were secured through an Amended and Restated Indenture of Trust, with proceeds allocated for bond repayment and issuance costs.
News Articles and Press Releases
Press Release
Projected Revenues and Obligations Both Increase Compared to Five Year Plan
December 2, 2019
Press Release about the PICA Report on the FY20Q1 Quarterly City Managers Report. Projected Revenues and Obligations Both Increase Compared to Five Year Plan City Projects FY2020 Fund Balance of Over $300 Million .
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY20 Q1
December 1, 2019
The FY20 Quarterly Overtime Report for Q1 examines Philadelphia’s overtime spending, revealing that key departments exceeded their budgets by $5.5 million, a 11.6% increase over FY19.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY20 Q1
November 18, 2019
The first quarter FY20 QCMR projects General Fund revenues at $4.97 billion, $48.7 million above the Five-Year Plan, while obligations are projected at $5.12 billion, $92.4 million higher than expected. The year-end fund balance is now projected at $307.2 million, significantly above the Five-Year Plan estimate of $209.9 million.
Board Materials
Minutes
October 15, 2019 Board Meeting Minutes
October 15, 2019
The PICA Board met on October 15, 2019, to discuss bond refunding, tax revenue updates, and rising Fire Department overtime costs. The Board approved Resolution 2020-06, adopting a Post-Issuance Compliance Policy for bond management.
Board Materials
Resolution
Resolution 2020-06 Adopting a Post-Issuance Compliance Policy
October 15, 2019
PICA adopted a Post-Issuance Compliance Policy to ensure adherence to federal tax and securities laws in relation to its bonds and debt obligations. The policy establishes formal procedures for ongoing compliance and documentation.