Specific reports can be found by searching or filtering our publications.
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
September 18, 2018 Board Meeting Minutes
September 18, 2018
The PICA Board met on September 18, 2018, to approve a consulting contract for a Police Court Overtime Study and review tax revenue updates. The Board approved Resolution 2019-04, authorizing a consultant to assess police overtime trends.
Board Materials
Resolution
Resolution 2019-04 Approval of Police Court Overtime Study Services
September 18, 2018
PICA retained Baker Tilly International to conduct a study on the City of Philadelphia’s Police Court Overtime practices, with a contract limit of $105,000. The study aims to improve efficiency and accountability in police-related court overtime expenses.
News Articles and Press Releases
Press Release
City Ends FY2018 with $228.5 Million Fund Balance
August 28, 2018
This press release announcies PICA's analysis of the FY18Q4 Quarterly City Manager's Report. It found that the City Ends FY2018 with $228.5 Million Fund Balance, Spending Increased by $318 Million Over Last Year.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY18 Q4
August 18, 2018
The fourth quarter FY18 QCMR reports General Fund revenues at $4.47 billion, $69.3 million above the Five-Year Plan, while obligations have increased to $4.46 billion, $22.2 million higher than expected. The final year-end fund balance is estimated at $228.5 million, reflecting a strong close to the fiscal year but with continued expenditure growth.
News Articles and Press Releases
News Article
Four city labor contracts, 1 pension fund and a plan to close a $6 billion gap
August 1, 2018
Philadelphia has negotiated four major labor contracts with wage increases while also attempting to reform its pension system, which remains only 45% funded with a $6 billion shortfall. The city aims to reach 80% funding by 2029 through increased employee contributions and dedicated sales tax revenue, but experts warn that its investment return assumptions may be too optimistic.
Board Materials
Minutes
July 25, 2018 Board Meeting Minutes
July 25, 2018
The PICA Board met on July 25, 2018, to approve the FY2019-2023 Five-Year Financial Plan and elect Board officers. The Board approved Resolution 2019-01, endorsing the plan while noting concerns about pension funding and wage tax trends.
News Articles and Press Releases
Press Release
PICA Board Unanimously Approves City’s FY2019-FY2023 Five Year Plan
July 25, 2018
Press Release announcing that the PICA Board Unanimously Approves City’s FY2019-FY2023 Five Year Plan and Kevin Vaughan Re-elected Chair of PICA Board
Board Materials
Resolution
Resolution 2019-03 Approval of FY19 Board Meeting Schedule
July 25, 2018
PICA approved the official meeting schedule for FY2019 and set the date for its FY2020 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.
Board Materials
Resolution
Resolution 2019-02 Election of Board Officers
July 25, 2018
PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Mr. Cawley as Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.
Board Materials
Resolution
Resolution 2019-01 Approval of FY19-23 Five-Year Plan
July 25, 2018
PICA approved the City of Philadelphia’s FY2019-FY2023 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 19, 2018 Board Meeting Minutes
June 19, 2018
The PICA Board met on June 19, 2018, to review financial reports, approve a contract extension for revenue consulting, and discuss overtime spending. The Board approved Resolution 2018-08, extending Charles Swanson’s contract for revenue forecasting.
Board Materials
Resolution
Resolution 2018-12 Approval of Arbitrage Rebate Services
June 19, 2018
PICA retained Parker Bond Consulting to provide arbitrage rebate consulting services for the reporting period ending June 30, 2018. 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 FY18 Q3
June 1, 2018
The FY18 Quarterly Overtime Report for Q3 shows that Philadelphia exhausted its entire overtime budget by the third quarter, with expenditures reaching $135.4 million.
News Articles and Press Releases
Press Release
City Projects FY2018 Year-End Fund Balance Will Grow to $208 Million
May 23, 2018
Press Release announcing PICA report on the FY18Q3 QCMR. City Projects FY2018 Year-End Fund Balance Will Grow to $208 Million.
Board Materials
Minutes
May 22, 2018 Board Meeting Minutes
May 22, 2018
The PICA Board met on May 22, 2018, to review quarterly financial reports, discuss labor contract negotiations, and approve an auditing services contract. The Board approved Resolution 2018-07, engaging Maher Duessel for financial auditing.
Board Materials
Resolution
Resolution 2018-11 Waiver of FY18-22 Five-Year Plan Revision Requirement
May 22, 2018
PICA approved a request from the City of Philadelphia to defer the submission of a required Five-Year Financial Plan revision related to a new arbitration award for the International Association of Fire Fighters (IAFF). The City will instead include the financial impact of the award in its upcoming FY2019-FY2023 Plan.