Publications

Press Release announcing PICA report on FY17Q2 overtime spending. City Overtime Costs Continue to Rise, Departments Identified for Overtime Reduction Struggle to Keep Costs Down

S&P affirmed its 'AAA' rating for PICA's 2009 and 2010 special tax revenue bonds, citing the strong lien on a dedicated wage tax and declining debt service requirements. The agency views PICA's oversight role and the non-appropriable nature of the pledged revenues as key strengths.

The PICA Board met on March 21, 2017, to review the Mayor’s Proposed Five-Year Financial Plan and discuss the City’s sanctuary city policies. The Board also approved a new four-year lease agreement for office equipment.

PICA approved a new lease agreement for a printer/photocopier, replacing the existing lease with Canon. The Executive Director was authorized to negotiate and execute the lease agreement in the Authority’s best financial and operational interest.

The FY17 Quarterly Overtime Report for Q2 reveals that overtime spending reached $91.2 million through the second quarter, with identified departments exceeding their budgets by $16 million.

Fitch Ratings upgraded PICA's special tax revenue refunding bonds from 'AA+' to 'AAA' due to strong economic underpinnings, robust coverage, and a secure legal framework. The bonds are backed by a 1.5% wage tax on city residents, with revenues entirely separate from both the City of Philadelphia and the Commonwealth of Pennsylvania.

The second quarter FY17 QCMR projects General Fund revenues at $4.16 billion, $30.3 million above the Five-Year Plan, while obligations are projected to increase by $40.9 million. The year-end fund balance is now estimated at $106.1 million, reflecting a continued improvement in financial stability.

The PICA Board met on January 18, 2017, to review financial updates, discuss overtime spending, and receive a legal update on the Sweetened Beverage Tax. The Board also approved commissioning a study on Police overtime related to court appearances.

Press Release announcing PICA report on the FY17Q1 QCMR. City of Philadelphia’s Projected Fund Balance for FY17 $55.5 Million Higher Than Forecasted.

The PICA Board met on December 19, 2016, to review financial updates, reappoint Executive Director Harvey Rice, and discuss the Sweetened Beverage Tax legal challenge. The Board also planned an upcoming meeting with the City Managing Director to address overtime spending.

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.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY16 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.

The FY17 Quarterly Overtime Report for Q1 examines Philadelphia’s overtime spending trends, highlighting that seven key departments exceeded their planned overtime budgets by $13.9 million in the first quarter alone.

Philadelphia’s Deferred Retirement Option Plan (DROP) continues to cost the city millions, with 613 employees receiving a combined $101.6 million in lump-sum payments in 2016. Critics argue that DROP, originally designed to be cost-neutral, has instead strained city finances, with total payments exceeding $1.4 billion since its creation in 1999​.

The first quarter FY17 QCMR projects General Fund revenues at $4.15 billion, an increase of $19.5 million from the Five-Year Plan, while obligations are projected at $4.22 billion, an increase of $37.0 million. The year-end fund balance is now projected at $95.8 million, $55.5 million higher than originally estimated.

The PICA Board met on November 15, 2016, to review City financial reports, discuss overtime spending, and hear a presentation from the Board of Pensions and Retirement. The Board raised concerns about the pension system’s low funded ratio and its impact on the City's financial stability.