Publications

PICA approved the official meeting schedule for FY2016 and set the date for its FY2017 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

The fourth quarter FY15 QCMR reports General Fund revenues at $3.77 billion, a $658.3 million decline from the original Five-Year Plan due largely to the unrealized Philadelphia Gas Works (PGW) sale. Obligations are projected at $3.84 billion, reflecting a $683.7 million reduction, with a final year-end fund balance of $144.8 million.

PICA's Staff Report on The Five-Year Financial Plan for FY16-20 outlines Philadelphia’s revenue and expenditure forecasts, addressing key financial risks and strategies for maintaining balanced budgets across fiscal years 2016-2020.

The PICA Board met on July 16, 2015, to approve the FY2016-2020 Five-Year Financial Plan, elect officers, and discuss pension fund investment challenges. The Board debated the City’s assumptions about long-term revenue growth and labor costs.

PICA approved the City of Philadelphia’s FY2016-FY2020 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.

PICA elected its officers for a one-year term, appointing Ms. Biemiller 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.

The PICA Board met on June 16, 2015, to review budget expenditures, discuss real estate tax appeals, and assess pension fund risks. The Board debated strategies for improving City tax collections and resolving backlogged property tax assessments.

The PICA Board met on May 19, 2015, to approve the FY16 Operating Budget, review financial reports, and discuss the Five-Year Plan review process. The Board approved the budget and discussed City department funding needs, tax revenue trends, and costs related to the Pope’s visit.

The third quarter FY15 QCMR projects General Fund revenues at $3.79 billion, $636.0 million below the Five-Year Plan, while obligations have remained steady at $3.87 billion, $659.0 million lower than expected. The year-end fund balance is projected at $142.4 million, $74.0 million above prior estimates, despite persistent cost pressures from labor agreements and rising indemnities costs​.

The PICA Board met on April 21, 2015, to review financial updates, discuss the Five-Year Plan review process, and receive reports on pension funding and litigation. The Board also discussed City tax revenue performance and ongoing budget hearings.

The second quarter FY15 QCMR projects General Fund revenues at $3.79 billion, $639.3 million below the Five-Year Plan, while obligations have decreased to $3.87 billion, $659.2 million lower than projected. The year-end fund balance is now projected at $146.1 million, $77.8 million above the Five-Year Plan projection, but impacted by the failure to sell Philadelphia Gas Works (PGW)​.

The PICA Board met on January 20, 2015, to reappoint Executive Director Harvey Rice, discuss tax revenue performance, and review the City’s pension system audit. The Board also received updates on PICA’s revenue recovery efforts and pending legislative changes.

Philadelphia’s Pension System: Reducing Risk and Achieving Fiscal Stability' assesses the City’s pension challenges, finding that costs as a percentage of payroll have risen from 17.3% in FY91 to 39.2% in FY15, placing significant pressure on the budget. The report recommends mandatory enrollment in a hybrid pension plan for new hires, increased employee contributions, and additional dedicated funding sources.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY14 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 PICA Board met on November 18, 2014, to review financial reports, discuss the City’s pension study, and approve PICA’s annual audit. The Board also examined investment strategies and litigation updates related to the LIBOR benchmark rate.

The first quarter FY15 QCMR projects General Fund revenues at $4.47 billion, $45.7 million above the Five-Year Plan, while obligations are projected at $4.56 billion, $36.4 million higher than expected. The year-end fund balance is projected at $135.5 million, $67.1 million higher than the Five-Year Plan estimate, representing 3.0% of obligations.