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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 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.
Board Materials
Resolution
Resolution 2016-07 Approval of Revenue Analysis Services
June 21, 2016
PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2017-FY2021 Five-Year Financial Plan, for a fee not exceeding $8,000. This engagement ensures PICA can assess the accuracy and reasonableness of the City’s financial projections.
News Articles and Press Releases
Press Release
PICA: City of Philadelphia’s Tax Revenue $23.5 Million Higher than Projected
June 3, 2016
Press Release announcing PICA report on the FY16Q3 QCMR. City of Philadelphia’s Tax Revenue $23.5 Million Higher than Projected.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY16 Q3
May 18, 2016
The third quarter FY16 QCMR projects General Fund obligations at $4.07 billion, an increase of $69.0 million, due to Papal visit costs, snow removal expenses, and increased overtime. Public safety and human services indicators show mixed results, with an increase in EMS response times and a decline in the child immunization rate.
Board Materials
Minutes
May 17, 2016 Board Meeting Minutes
May 17, 2016
The PICA Board met on May 17, 2016, to review the Five-Year Plan review process, approve a motion to study DROP costs, and discuss the Sweetened Beverage Tax’s financial impact. The Board approved a motion to work with the City and Council on an updated DROP analysis.
Board Materials
Minutes
April 19, 2016 Board Meeting Minutes
April 19, 2016
The PICA Board met on April 19, 2016, to review real estate tax assessments, discuss tax collection trends, and approve a resolution thanking former Chair Suzanne Biemiller for her service. The Board also received updates on the City’s Five-Year Plan review process.
Board Materials
Resolution
Resolution 2016-06 Recognizing Suzanne Biemiller
April 19, 2016
PICA recognized and expressed appreciation for the service of Suzanne Biemiller, who served as Chair in 2015 and 2016. Her leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.
Board Materials
Minutes
March 15, 2016 Board Meeting Minutes
March 15, 2016
The PICA Board met on March 15, 2016, to review the Five-Year Financial Plan, approve the election of a new Board Chair, and discuss the proposed Sweetened Beverage Tax. The Board approved Kevin Vaughan as Chair and debated the tax’s impact on bond ratings and revenue forecasts.
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Report FY16 Q2
February 18, 2016
The second quarter FY16 QCMR projects General Fund revenues at $3.96 billion, $52.0 million above the Five-Year Plan, while obligations are projected at $4.04 billion, $44.3 million higher than initial estimates. The year-end fund balance is now projected at $85.3 million, an increase from earlier projections.
Board Materials
Minutes
February 16, 2016 Board Meeting Minutes
February 16, 2016
The PICA Board met on February 16, 2016, to review financial reports, approve the FY17 PICA Operating Budget, and discuss City pension issues. The Board approved a resolution urging the City to adopt pension reforms while debating funding strategies for the pension system.