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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…
Board Materials
Resolution
Resolution 2018-04 Approval of 2018-2022 Revised Five-Year Plan
September 19, 2017
PICA approved a revised Five-Year Financial Plan for FY2018-FY2022 to incorporate the costs of an arbitration award for police officers represented by the Fraternal Order of Police. 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 September 2017
September 19, 2017
PICA's Staff Report on The Five-Year Financial Plan for FY18-22 (Revised Sept) updates Philadelphia’s fiscal projections, revising revenue expectations, expenditure allocations, and fund balance estimates to align with evolving economic conditions and policy priorities.
News Articles and Press Releases
Press Release
City of Philadelphia’s Estimated Fund Balance for FY2017 $48.3 Million Higher Than Projected
August 31, 2017
Press Release announcing PICA report on the FY17Q4 QCMR. City of Philadelphia’s Estimated Fund Balance for FY2017 $48.3 Million Higher Than Projected
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY17 Q4
August 18, 2017
The fourth quarter FY17 QCMR projects General Fund revenues at $4.19 billion, $44.8 million above the Five-Year Plan, while obligations are projected at $4.25 billion, an increase of $51.3 million. The final year-end fund balance is estimated at $127.2 million, reflecting stronger-than-expected revenue growth.
Board Materials
Minutes
July 18, 2017 Board Meeting Minutes
July 18, 2017
The PICA Board met on July 18, 2017, to approve the FY2018-2022 Five-Year Financial Plan and elect Board officers. The Board approved Resolution No. 1, endorsing the plan while discussing concerns over pension funding and school district finances.
News Articles and Press Releases
Press Release
PICA Board Unanimously Approves City of Philadelphia’s FY2018 to FY2022 Five Year Plan
July 18, 2017
Press Release announcing that the PICA Board Unanimously Approves City of Philadelphia’s FY2018 to FY2022 Five Year Plan and Kevin Vaughan Re-elected Chair of PICA Board
Board Materials
Resolution
Resolution 2018-03 Approval of FY18 Board Meeting Schedule
July 18, 2017
PICA approved the official meeting schedule for FY2018 and set the date for its FY2019 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 2018-02 Election of Board Officers
July 18, 2017
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. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.
Board Materials
Resolution
Resolution 2018-01 Approval of FY18-22 Five-Year Plan
July 18, 2017
PICA approved the City of Philadelphia’s FY2018-FY2022 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 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
July 18, 2017
PICA's Staff Report on The Five-Year Financial Plan for FY18-22 provides a comprehensive financial strategy for Philadelphia, integrating revenue forecasts, expenditure projections, and fiscal policy recommendations.
Board Materials
Minutes
June 20, 2017 Board Meeting Minutes
June 20, 2017
The PICA Board met on June 20, 2017, to discuss the City’s FY2018-2022 Five-Year Financial Plan review process, tax revenue trends, and arbitration settlement costs. The Board approved Resolution No. 12, engaging Parker Bond Consulting for arbitrage services.
Board Materials
Resolution
Resolution 2017-12 Approval of Arbitrage Rebate Services
June 20, 2017
PICA retained Parker Bond Consulting to provide arbitrage rebate consulting services for the reporting period ending June 30, 2017. 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 FY17 Q3
June 1, 2017
The FY17 Quarterly Overtime Report for Q3 finds that Philadelphia spent 90% of its overtime budget by the third quarter, totaling $116.5 million.
News Articles and Press Releases
Press Release
FY2017 Obligations Projected to Outpace Revenues by $65 Million
May 30, 2017
Press Release announcing PICA report on the FY17Q3 QCMR. FY2017 Obligations Projected to Outpace Revenues by $65 Million.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY17 Q3
May 18, 2017
The third quarter FY17 QCMR projects General Fund revenues at $4.17 billion, an increase of $37.5 million from the Five-Year Plan, while obligations are projected at $4.23 billion, an increase of $46.6 million. The year-end fund balance is now expected to be $107.6 million, reflecting strong revenue performance but continued expenditure growth.
News Articles and Press Releases
Press Release
City Spends 90 Percent of Overtime Budget
May 16, 2017
Press Release announcing PICA report on FY17Q3 overtime spending. City Spends 90 Percent of Overtime Budget Overtime Costs Total $116.5 Million Through Third Quarter.