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Featured Publications
Budget Structure and Process
Issue Brief
When is a Budget Cut Not a Budget Cut?
March 31, 2025
A proposed budget reduction isn’t always a true cut—sometimes it reflects the end of one-time costs, a shift in responsibility to another department, or reduced demand for services. For instance, FY26 budgets for Parks & Recreation and Homeless Services are lower than FY25, but not all changes imply service reductions. To discern real impacts, stakeholders…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Proposed FY26-30 Five-Year Plan Fiscal Highlights
March 20, 2025
The City projects declining fund balances and annual operating deficits through FY29, before returning to surplus in FY30, with reserves falling below recommended thresholds in most years. Revenue is expected to grow by 9.6% over the Plan period, while spending will rise just 1.9%, driven largely by wage and benefit costs. The Plan includes $337…
Revenue Analysis & Outlook
Issue Brief
Precision in Projections: Evaluating Philadelphia’s Tax Revenue Forecasts and Volatility
February 3, 2025
Philadelphia’s largest tax streams—Wage and Earnings and Real Estate—are forecasted with high accuracy, typically within three percent of actual results. In contrast, smaller and more volatile revenue sources like the Realty Transfer and Amusement Taxes show far greater forecasting errors, reflecting their sensitivity to economic shifts and one-off events. By comparing 21 years of projections…
Government Operations, Efficiency, & Performance
Issues Report
A History We Can No Longer Afford: Consolidating Philadelphia’s Row Offices
November 2, 2009
A History We Can No Longer Afford: Consolidating Philadelphia’s Row Offices Issue Report examines the financial inefficiencies of maintaining four independently elected row offices and estimates potential savings of $13-15 million annually.
PICA Annual Report
Annual Report
PICA Annual Report FY2009
October 21, 2009
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY09 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.
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 FY10-14 Five-Year Plan
July 21, 2009
PICA's Staff Report on The Five-Year Financial Plan for FY10-14 outlines Philadelphia’s revenue and expenditure forecasts, addressing key financial risks and strategies for maintaining balanced budgets across fiscal years 2010-2014.
PICA Capital Financing
Bond Documents
2009 Bond Issuance Documents
June 1, 2009
The document contains the Amended and Restated Indenture of Trust between the Pennsylvania Intergovernmental Cooperation Authority (PICA) and Meridian Bank as Trustee. It outlines the authorization, terms, and security provisions of the bond issuance, including the payment structure, rights of bondholders, and financial covenants.
PICA Annual Report
Annual Report
PICA Annual Report FY2008
October 28, 2008
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY08 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.
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 FY09-13 Five-Year Plan
June 17, 2008
PICA's Staff Report on The Five-Year Financial Plan for FY09-13 examines Philadelphia’s fiscal strategy, revenue trends, and budget challenges while identifying financial risks and expenditure controls.
PICA Capital Financing
Bond Documents
2008 Bond Issuance Documents
May 1, 2008
The document outlines the issuance of $214,565,000 Special Tax Revenue Refunding Bonds by the Pennsylvania Intergovernmental Cooperation Authority (PICA) to support Philadelphia.
Government Operations, Efficiency, & Performance
Issue Paper
Assessment of City Facilities: Summary of Report Findings and Analysis
October 31, 2007
The Assessment of City Facilities: Summary of Report Findings and Analysis highlights Philadelphia’s substantial underinvestment in public infrastructure, identifying a $850 million shortfall and urgent capital improvement needs.
PICA Annual Report
Annual Report
PICA Annual Report FY2007
October 16, 2007
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY07 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.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY07 Q4
August 18, 2007
The fourth quarter FY07 QCMR projects a final year-end General Fund balance of $215.7 million, consistent with the Five-Year Plan. Revenue collections exceeded projections, but rising pension, healthcare, and debt service costs remain concerns.
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 FY08-12 Five-Year Plan
July 26, 2007
PICA's Staff Report on The Five-Year Financial Plan for FY08-12 analyzes Philadelphia’s financial risks, including pension obligations, healthcare costs, and revenue projections.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY07 Q3
May 18, 2007
The third quarter FY07 QCMR maintains a projected General Fund balance of $171.7 million, with continued revenue growth offset by rising costs. The City remains at risk of long-term budget imbalances if expenditure trends continue.
Government Operations, Efficiency, & Performance
Issues Report
City Budget Behind Bars: Increasing Prison Population Drives Rapidly Escalating Costs
March 22, 2007
The FY07 'City Budget Behind Bars: Increasing Prison Population Drives Rapidly Escalating Costs' Issue Report explores the financial strain of Philadelphia’s rising incarceration rates, with prison costs outpacing other public safety investments.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY07 Q2
February 16, 2007
The second quarter FY07 QCMR projects a General Fund balance of $171.7 million, a decrease from the prior quarter due to continued expenditure growth. Revenue projections remain strong, but long-term fiscal risks persist.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY07 Q1
November 18, 2006
The first quarter FY07 QCMR projects a General Fund balance of $198.4 million, higher than the Five-Year Plan projection but lower than the prior year due to rising costs in pensions, healthcare, and debt service. Strong wage and business privilege tax collections offset some financial risks.
Spending Analysis & Outlook
Issues Report
Health/Medical Benefits: Burning a Hole in The Budget
October 23, 2006
The Health and Medical Benefits: Burning a Hole in the Budget report examines the rapid growth of Philadelphia’s health benefits costs, which have outpaced other expenditures despite a declining workforce. It provides recommendations for controlling these costs, including better vendor management, wellness programs, and potential plan design changes.