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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…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY18 Q3
May 18, 2018
The third quarter FY18 QCMR projects General Fund revenues at $4.47 billion, $64.1 million above the Five-Year Plan, while obligations have risen to $4.47 billion, $37.2 million higher than projected. The year-end fund balance is now expected to be $208.3 million, reflecting continued strong revenue performance despite growing expenditure obligations.
News Articles and Press Releases
Press Release
City Spends Entire Overtime Allocation Through Third Quarter
April 24, 2018
Press Release announcing PICA Report on FY18Q3 overtime spending. City Spends Entire Overtime Allocation Through Third Quarter, Departments Spent $19 Million More in FY2018 Than at Same Time Last Year
Board Materials
Minutes
April 17, 2018 Board Meeting Minutes
April 17, 2018
The PICA Board met on April 17, 2018, to discuss economic forecasts, tax collection performance, and the impact of remote work on revenue projections. The Board also reviewed upcoming budget priorities and ongoing litigation affecting City finances.
Board Materials
Resolution
Resolution 2018-10 Authorizing Police Court Overtime Study
April 17, 2018
PICA authorized the selection of a consultant to conduct a study on the causes and solutions for City-incurred overtime costs, particularly within the Philadelphia Police Department. The Executive Director was granted authority to negotiate a contract, subject to final Board approval.
Board Materials
Resolution
Resolution 2018-10 Approval of Office Lease
April 17, 2018
PICA approved a new office lease to replace its current lease, which was set to expire on August 31, 2018. The Executive Director was authorized to negotiate and execute a lease agreement for a new six-year term.
Board Materials
Resolution
Resolution 2018-09 Approval of Accounting Services
April 17, 2018
PICA reappointed J. Miller & Associates, LLC to provide accounting services for the fiscal year ending June 30, 2018, with two additional one-year renewal options. This engagement ensures continuity in financial reporting and compliance.
Board Materials
Resolution
Resolution 2018-08 Approval of Revenue Analysis Services
April 17, 2018
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2019-FY2023 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.
Board Materials
Resolution
Resolution 2018-07 Approval of 2018-2022 Revised Five-Year Plan
April 17, 2018
PICA approved a revised Five-Year Financial Plan for FY2018-FY2022 to incorporate the costs of arbitration awards for Correctional Officers, Sheriff’s Officers, and Register of Wills employees. The revised plan ensures compliance with statutory requirements and reflects updated financial projections.
PICA Reports on Philadelphia's Five-Year Plan
Staff Report on the City of Philadelphia's Five-Year Plan
PICA Staff Report on the City of Philadelphia’s FY18-22 Five-Year Plan as Revised in April 2018
April 17, 2018
PICA's Staff Report on The Five-Year Financial Plan for FY18-22 (Revised Apr) presents updated financial projections and budgetary priorities for the City of Philadelphia over the fiscal years 2018-2022, incorporating adjustments to revenue estimates, expenditure forecasts, and fund balance projections.
News Articles and Press Releases
News Article
Philly cops waiting to testify in court cost city millions in OT
April 3, 2018
Philadelphia police officers accrued $12 million in overtime during the first seven months of FY18 just waiting to testify in court, contributing to the department exceeding its $57 million overtime budget with five months left in the fiscal year. PICA estimates that the city is on track to overspend its total $135 million overtime budget by $30 million, with police overtime as a major cost drive.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY18 Q2
March 1, 2018
The FY18 Quarterly Overtime Report for Q2 shows that Philadelphia’s overtime spending reached $92.7 million through the second quarter, with costs increasing over the previous year despite prior reductions.
News Articles and Press Releases
Press Release
City’s FY2018 Revenue Collections Increase by $127 Million Through Second Quarter
February 28, 2018
This press release announcies PICA's analysis of the FY18Q2 Quarterly City Manager's Report. It found that the City’s FY2018 Revenue Collections Increase by $127 Million Through Second Quarter
Board Materials
Minutes
February 20, 2018 Board Meeting Minutes
February 20, 2018
The PICA Board met on February 20, 2018, to approve the FY2019 PICA Operating Budget and discuss tax revenue projections. The Board approved Resolution 2018-06, adopting the budget while highlighting concerns about rising overtime costs.
Board Materials
Resolution
Resolution 2018-06 Approval of FY19 PICA Operating Budget
February 20, 2018
PICA approved its FY2019 Operating Budget, ensuring continued funding for the Authority’s 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 QCMR
QCMR Report FY18 Q2
February 18, 2018
The second quarter FY18 QCMR reports General Fund revenues at $4.48 billion, $75.2 million above the Five-Year Plan, while obligations are now projected at $4.46 billion, $61.9 million higher than the original estimate. The year-end fund balance remains strong at $210.5 million, supported by better-than-expected tax revenue performance.
News Articles and Press Releases
Press Release
City Spends $93 Million on Overtime through Second Quarter
January 30, 2018
Press Release announcing FY18Q2 report on overtime spending.