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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
Minutes
May 21, 2019 Board Meeting Minutes
May 21, 2019
The PICA Board met on May 21, 2019, to approve investment management changes, discuss tax revenue performance, and review overtime spending. The Board approved Resolutions 2019-10 and 2019-11, transferring SWAP Reserve Funds to U.S. Bank and finalizing a settlement agreement.
Board Materials
Resolution
Resolution 2019-11 Approval of Settlement Terms
May 21, 2019
PICA approved a settlement agreement in the LIBOR interest rate manipulation lawsuit and authorized the execution of related legal documents. This resolution ensures the resolution of claims against one defendant while maintaining PICA’s involvement in ongoing litigation.
Board Materials
Resolution
Resolution 2019-10 Approval of Swap Reserve Fund Custodial Services
May 21, 2019
PICA appointed U.S. Bank as the new investment advisor/manager and custodian for its Swap Reserve Fund, replacing Morgan Stanley. This decision ensures continued proper management of approximately $14 million in reserves related to the Authority’s outstanding interest rate swap agreements.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY19 Q3
May 18, 2019
The third quarter FY19 QCMR projects General Fund revenues at $4.77 billion, $111.5 million above the Five-Year Plan, while obligations have increased to $4.86 billion, $103.2 million higher than projected. The year-end fund balance is now expected to reach $314.7 million, exceeding Five-Year Plan estimates by $159.3 million.
Board Materials
Minutes
April 16, 2019 Board Meeting Minutes
April 16, 2019
The PICA Board met on April 16, 2019, to approve consulting services for the FY2020-2024 Five-Year Financial Plan review and discuss a potential bond refunding transaction. The Board approved Resolutions 2019-08 and 2019-09, engaging Charles Swanson for revenue analysis and issuing an RFP for a financial advisor.
Board Materials
Resolution
Resolution 2019-09 Authorizing Preliminary Actions for Possible Bond Refunding
April 16, 2019
PICA authorized preliminary actions for a potential bond refunding transaction, allowing the Executive Director to explore service provider engagements. This step was taken to evaluate refinancing opportunities for the Authority’s outstanding 2009 and 2010 bonds.
Board Materials
Resolution
Resolution 2019-08 Approving Revenue Analysis Services
April 16, 2019
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2020-FY2024 Five-Year Financial Plan, for a fee not exceeding $9,000. This engagement ensures PICA can assess the accuracy and reasonableness of the City’s financial projections.
News Articles and Press Releases
Press Release
City Spends $90 Million on Overtime Through Second Quarter
April 1, 2019
Press Release announding report on FY19Q2 overtime spending. City Spends $90 Million on Overtime Through Second Quarter.
Board Materials
Minutes
March 19, 2019 Board Meeting Minutes
March 19, 2019
The PICA Board met on March 19, 2019, to review the City’s FY2020-FY2024 Five-Year Financial Plan, tax revenue updates, and overtime expenditures. The Board approved Resolution 2019-07, adopting PICA’s FY2020 Operating Budget.
Board Materials
Resolution
Resolution 2019-07 Approval of FY20 PICA Operating Budget
March 19, 2019
PICA approved its FY2020 Operating Budget, ensuring continued funding for its financial oversight responsibilities. 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 Quarterly Overtime
Quarterly OT Report FY19 Q2
March 1, 2019
The FY19 Quarterly Overtime Report for Q2 shows that citywide overtime spending reached $89.5 million through the second quarter, a 3.5% reduction from the prior year.
News Articles and Press Releases
Press Release
Second Quarter Revenues and Expenditures Higher Than Projected in Five Year Plan
February 27, 2019
Press Release announcing FY19Q2 report on the QCMR.
Board Materials
Minutes
February 19, 2019 Board Meeting Minutes
February 19, 2019
The PICA Board held a special meeting on February 19, 2019, to receive a presentation from Pew Charitable Trusts on Rainy Day Funds. The Board also reviewed the City’s QCMR, tax revenue performance, and overtime spending trends.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY19 Q2
February 18, 2019
The second quarter FY19 QCMR projects General Fund revenues at $4.76 billion, $110.2 million above the Five-Year Plan, while obligations are now projected at $4.85 billion, $105.4 million higher than originally estimated. The year-end fund balance is projected at $305.6 million, continuing to exceed Five-Year Plan expectations by $149.6 million.
Board Materials
Minutes
January 17, 2019 Board Meeting Minutes
January 17, 2019
The PICA Board met on January 17, 2019, to approve the reappointment of Executive Director Harvey Rice and discuss financial reporting updates. The Board approved Resolution 2019-06, reaffirming Mr. Rice’s leadership, and discussed tax revenue trends and bank reconciliations.
Board Materials
Resolution
Resolution 2019-06 Reappointment of Executive Director
January 17, 2019
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.