Publications

PICA’s 2025 Fall Forum brought together regional leaders to explore how intergovernmental and cross-sector collaboration can drive inclusive economic growth and long-term fiscal stability. Featuring insights from Brookings Metro and economic development experts from Detroit, Atlanta, Columbus, and New York, the event highlighted the importance of coordinated planning, private-sector leadership, and alignment across education, workforce,…

Philadelphia has more than doubled its General Fund spending on economic development over the past decade, but lacks a system-wide strategy to evaluate the return on those investments. This publication analyzes how the City reports economic development spending, compares Philadelphia to peer cities, and recommends clearer goals, outcome-based measures, and regular reporting to guide future…

The PICA Board approved the use of up to $10 million in surplus PICA bond proceeds to support the Cobbs Creek Wetland Mitigation Project, a public-private initiative led by the Cobbs Creek Foundation. The project will restore three miles of stream and 25 acres of wetlands, improving flood mitigation, water quality, and community access to…

The PICA Board approved a 3.3 percent increase in compensation for the Executive Director, effective November 1, 2025, in line with cost of living adjustments received by members of PICA’s staff. The resolution also adjusts the Executive Director’s paid leave accrual rate to reflect updated benefits. These changes recognize strong performance over the past year…

The Board approved the City’s FY26–30 Five-Year Plan after staff confirmed it met PICA Act requirements, with members highlighting labor reserves, staffing assumptions, and funding for schools and SEPTA. The Board also approved resolutions renewing audit and accounting services, re-electing current Board officers, and adopting the FY26 meeting schedule. Staff reported on the release of…

Philadelphia’s reserves improved significantly between FY20 and FY24, reaching 18 percent of General Fund revenues, the highest level in City history, but still below the median among ten peer cities. Despite this progress, projections in the FY26 to FY30 Five-Year Plan show reserves steadily declining, which may limit the City’s ability to respond to future…

At this meeting, the Board will hear a presentation on a capital funding request for Cobbs Creek, as well as the FY25 audit report from Maher Duessel. Members will receive updates from the City, along with reports from the Executive Director and Treasurer, and consider two resolutions—one related to a capital funding appropriation for Cobbs…

In FY25, PICA fulfilled its oversight responsibilities by approving the City’s Five-Year Financial Plan and analyzing quarterly trends in revenues, expenditures, and fund balances. PICA expanded its research agenda to include capital transparency, bond spending, and grants administration, producing accessible reports and fact sheets to inform the public. PICA also modernized its operations by upgrading…

Philadelphia’s credit ratings were reaffirmed at A1 by Moody’s and A+ by both S&P and Fitch—the highest the City has received in over 40 years, though still below most peer cities. Rating agencies highlighted strong reserves, declining debt, and the fiscal governance required under the PICA Act as key strengths, while noting long-term risks tied…

Philadelphia spent $313.7 million on General Fund overtime in FY25, exceeding the adopted overtime budget by 10 percent and marking a nearly 19 percent increase over FY24. Major drivers included contracted pay increases, persistent public safety staffing shortages, emergency responses, and special events like the Eagles’ Super Bowl run and the presidential election. While some…

The FY25 Q4 Quarterly City Managers Report (QCMR) projects increased General Fund revenues and increased spending compared to the approved FY25-29 Five-Year Plan, but a $46M decrease in revenues compared to Q3, with lower expectations from the Real Estate Tax and Sheriff fees. Overall, the City anticipates $384M more in revenue than FY24, driven by…

The City of Philadelphia has made significant progress toward fully funding its pension obligations, with reforms and steady contributions raising its funded ratio from 45 percent in FY16 to a projected 90 percent by FY30. The report explains how continuing on this path enhances credit ratings, lowers long-term costs, and strengthens the City’s fiscal stability,…

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…

The Board discussed the City’s newly adopted FY26 budget and upcoming submission of the FY26–30 Five-Year Plan to PICA, including updates on grants, affordable housing tax exemptions, and pending labor agreements. PICA staff shared recent publications, outlined areas of upcoming research, and reported on organizational activities such as community engagement, conference participation, and budget performance….

The PICA Board unanimously approved the City of Philadelphia’s FY26–30 Five-Year Financial Plan after determining it met all requirements under the PICA Act and the Intergovernmental Cooperation Agreement. The resolution affirms that the Plan includes reasonable assumptions and maintains statutory fiscal standards. The vote passed with the required qualified majority.

The PICA Board approved the first one-year renewal of its contract with Maher Duessel LLP to provide financial auditing services for the fiscal year ending June 30, 2026. This renewal covers services from January 1 to December 31, 2026, and includes an option for further annual renewals at the Authority’s discretion. The resolution authorizes necessary…