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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 FY26-30 Five-Year Financial Plan
July 28, 2025
PICA’s Staff Report recommends PICA Board approval of the City of Philadelphia’s FY26–30 Five-Year Plan because it meets the requirements of the PICA Act, projecting positive year-end fund balances despite planned operating deficits from FY26 to FY29. The report highlights reasonable economic and revenue assumptions, the City’s continued investments in reserves, and the substantial $379…
Board Materials
Agenda
Annual Board Meeting Agenda for July 28, 2025
July 21, 2025
The Board will meet to review updates from the City and staff, including reports from the Executive Director and Treasurer, followed by an opportunity for public comment. Members will consider and vote on five resolutions, including approval of the FY26–30 Five-Year Plan, renewals of audit and accounting services, election of Board officers, and the FY26…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Adopted FY26-30 Five-Year Plan Fact Sheet
July 1, 2025
Following City Council approval of the FY26 budget and the Mayor signing the budget bills into law, the Parker Administration has updated the Five-Year Financial Plan for Fiscal Years 2026 through 2030 (FY26-30) to reflect amendments to the FY26 budget and updated expectations for expenditures and collections over the life of the Plan. The FY26-30…
News Articles and Press Releases
News Article
City overspends in overtime, again
November 15, 2016
Philadelphia overspent on overtime for the sixth consecutive year, with total overtime costs reaching $170 million in FY16, exceeding the budget by 26%. The Police and Fire Departments accounted for the majority of the spending, and PICA warned that rising overtime costs could negatively impact the city's long-term fund balances.
News Articles and Press Releases
Press Release
City of Philadelphia’s Overtime Costs Across Key Departments Approximately $170 Million for FY16, $45 Million Over Budget
November 14, 2016
Press Release announcing PICA report on FY16 overtime spending. City of Philadelphia’s Overtime Costs Across Key Departments Approximately $170 Million for FY16, $45 Million Over Budget.
Board Materials
Minutes
October 18, 2016 Board Meeting Minutes
October 18, 2016
The PICA Board met on October 18, 2016, to review quarterly financial updates, discuss the upcoming annual report, and plan its third annual fall conference. The Board also debated the impact of the Sweetened Beverage Tax and potential legal risks.
News Articles and Press Releases
Press Release
PICA: City of Philadelphia’s General Fund Revenues for FY16: $81.1 Million Higher Than Projected — Fund Balance $36.4 Million Higher than Projected
October 14, 2016
Press Release announcing PICA report on the FY16Q4 QCMR. PICA: City of Philadelphia’s General Fund Revenues for FY16: $81.1 Million Higher Than Projected—Fund Balance $36.4 Million Higher Than Projected
PICA Reports on Philadelphia's Financial Reports
Annual OT Report
FY16 Annual Overtime Report
October 1, 2016
PICA’s FY16 Annual Overtime Report highlights record-high overtime spending of $170 million, which exceeded the budgeted allocation by $45 million. The report assesses departmental overspending, workforce management challenges, and the need for improved overtime forecasting.
Board Materials
Minutes
August 31, 2016 Board Meeting Minutes
August 31, 2016
The PICA Board met on August 31, 2016, to approve the FY2017-2021 Five-Year Financial Plan and discuss pension funding challenges. The Board expressed concerns about labor obligations exceeding reserves and the long-term fiscal sustainability of the City’s pension system.
News Articles and Press Releases
Press Release
PICA Board Approves City of Philadelphia’s FY17-21 Five-Year Plan
August 31, 2016
Press Release announcing that the PICA Board Approves City of Philadelphia’s FY17 to FY21 Five-Year Plan and Kevin Vaughan Elected PICA Chair.
News Articles and Press Releases
News Article
City’s five-year plan approved despite recession warning
August 31, 2016
Philadelphia’s five-year financial plan, approved by PICA, projects continued revenue growth to fund labor agreements and rising pension costs but does not account for a potential recession. Board members expressed concern that the city's revenue assumptions may be too optimistic given economic forecasts predicting a downturn.
Board Materials
Resolution
Resolution 2017-04 Approval of DROP Study Services
August 31, 2016
PICA engaged the Center for Retirement Research at Boston College to update its 2010 study on Philadelphia’s Deferred Retirement Option Plan (DROP). The Executive Director was authorized to negotiate and execute a contract for the study, with a budget not exceeding $55,000.
Board Materials
Resolution
Resolution 2017-03 Approval of FY17 Board Meeting Schedule
August 31, 2016
PICA approved the official meeting schedule for FY2017 and set the date for its FY2018 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 2017-02 Approval of 2017-2021 Five-Year Plan
August 31, 2016
PICA approved the City of Philadelphia’s FY2017-FY2021 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
Resolution
Resolution 2017-01 Election of Board Officers
August 31, 2016
PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Karp as Vice Chairperson, Mr. McColgan as Secretary/Treasurer, and Mr. Rost as Assistant Secretary. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY16 Q4
August 18, 2016
The fourth quarter FY16 QCMR projects General Fund revenues at $3.99 billion, $81.1 million above the Five-Year Plan, while obligations increased by $52.9 million, largely due to overtime and pension costs. The final year-end fund balance is projected at $105.7 million, reflecting a stronger-than-expected financial position.
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 FY17-21 Five-Year Plan
July 30, 2016
PICA's Staff Report on The Five-Year Financial Plan for FY17-21 outlines Philadelphia’s financial priorities and fiscal strategies, focusing on balancing revenue growth with expenditure controls to maintain budget stability.
Board Materials
Minutes
June 21, 2016 Board Meeting Minutes
June 21, 2016
The PICA Board met on June 21, 2016, to review budget performance, approve contracts for revenue analysis and arbitrage services, and discuss overtime spending related to the Democratic National Convention (DNC). The Board approved resolutions engaging Charles Swanson for revenue forecasting and Parker Bond Consulting for arbitrage calculations.
Board Materials
Resolution
Resolution 2016-08 Approval of Arbitrage Rebate Services
June 21, 2016
PICA retained Parker Bond Consulting to provide arbitrage rebate consulting services for the reporting period ending June 30, 2016. The contract, valued at $4,000, ensures compliance with federal tax regulations regarding bond proceeds.