Publications

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.

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.

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.

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.

S&P reaffirmed PICA’s 'AAA' rating, highlighting its strong ownership of pledged revenues, which are segregated from both city and state funds. The agency cited the tax revenue's stability and Philadelphia’s improving economy as key factors.

The PICA Board held a special meeting on December 7, 2018, to approve a revised FY2018-2022 Five-Year Financial Plan following an arbitration award for District Council 33. The Board approved the revised plan and discussed its financial implications.

Press Release announcing that PICA Board Approves City’s Revised FY2019-FY2023 Five Year Plan.

PICA approved a revised Five-Year Financial Plan for FY2019-FY2023 to incorporate increased health and welfare costs negotiated through collective bargaining. The revised plan ensures compliance with statutory requirements and reflects updated financial projections.

The FY19 Quarterly Overtime Report for Q1 finds that overtime spending reached $47.6 million in the first quarter, with ten key departments responsible for 97.5% of total costs.

Press Release announcing PICA Report on the FY21Q1 Quarterly City Managers Report. Quarterly City Managers Report Projects $22.8 Million General Fund Balance for FY2021 .

PICA's Staff Report on The Five-Year Financial Plan for FY19-23 (Revised Nov) updates Philadelphia’s financial outlook, adjusting revenue projections, expenditure forecasts, and fund balance estimates to reflect changing economic conditions and policy priorities.

The first quarter FY19 QCMR projects General Fund revenues at $4.75 billion, $105.3 million above the Five-Year Plan, while obligations have increased to $4.84 billion, $110.7 million higher than expected. The year-end fund balance is now projected at $295.2 million, significantly above the Five-Year Plan estimate of $155.4 million.

Press Release announcing PICA report on FY18 overtime spending. City Exceeds Overtime Allocation by $44 Million in FY2018 Marks Eighth Consecutive Year of Overspending

The PICA Board met on October 16, 2018, to discuss City pension funding challenges and ongoing financial reporting concerns. The Board heard a presentation from the Board of Pensions and Retirement on investment strategies and pension reform efforts.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY18 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 FY18 Annual Overtime Report reviews record-high overtime spending of $179.4 million, exceeding the budgeted allocation by $43.8 million. The report examines overtime cost drivers, staffing shortages, and departmental spending patterns, with a focus on improving fiscal oversight.