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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 2020-01 Approving FY20-24 Five-Year Plan
July 16, 2019
PICA approved the City of Philadelphia’s FY2020-FY2024 Five-Year Financial Plan, confirming that it meets statutory requirements. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.
Board Materials
Minutes
June 18, 2019 Board Meeting Minutes
June 18, 2019
The PICA Board met on June 18, 2019, to review financial reports, approve resolutions for arbitrage rebate services and financial advisors, and discuss the upcoming Five-Year Plan review. The Board approved Resolutions 2019-12 and 2019-13, engaging Parker Bond Consulting and hiring financial advisors for a potential bond refunding.
Board Materials
Resolution
Resolution 2019-13 Approval of Financial Advisory Services
June 18, 2019
PICA retained Phoenix Capital Partners, LLP and PFM Financial Advisors LLC to serve as financial advisors for a potential bond refunding transaction. The selection was made after a competitive RFP process to support PICA in evaluating and structuring the refunding.
Board Materials
Resolution
Resolution 2019-12 Approval of Arbitrage Rebate Services
June 18, 2019
PICA retained Parker Bond Consulting to provide arbitrage rebate consulting services for the calculation period ending June 30, 2019. The contract, valued at $4,000, ensures compliance with federal tax regulations regarding bond proceeds.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY19 Q3
June 1, 2019
The FY19 Quarterly Overtime Report for Q3 shows that Philadelphia spent $133.1 million on overtime through the third quarter, marking a $2.3 million reduction from the previous year.
News Articles and Press Releases
Press Release
Third Quarter Revenues and Expenditures Almost $100 Million Higher Than Projected in Five Year Plan
May 22, 2019
Press Release announcing PICA report on the FY19Q3 QCMR. Third Quarter Revenues and Expenditures Almost $100 Million Higher Than Projected in Five Year Plan, FY2019 Fund Balance Projected at $280.0 Million.
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.