Publications

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY06 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's Look Before You Leap? The Fiscal Situation that Awaits the Next Mayor report from FY07 outlines the financial challenges facing Philadelphia's next mayor, including pension costs, healthcare expenses, and infrastructure needs. It warns of a declining general fund balance and rising long-term financial obligations.

The fourth quarter FY06 QCMR projects General Fund revenues at $3.53 billion, matching the Five-Year Plan projection, while obligations remain at $3.44 billion, with no change from prior estimates. The year-end fund balance is projected at $201.6 million, which exceeds the minimum Government Finance Officers Association (GFOA) recommendation but remains below long-term stability targets.

PICA's Staff Report on The Five-Year Financial Plan for FY07-11 outlines Philadelphia’s financial priorities, addressing economic growth initiatives, budget sustainability, and fiscal risk management.

The document outlines the Amended and Restated Indenture of Trust between the Pennsylvania Intergovernmental Cooperation Authority (PICA) and Meridian Bank, serving as the Trustee. It details the authorization, issuance, and repayment structure of bonds used to finance deficits and capital projects for the City of Philadelphia.

The third quarter FY06 QCMR maintains a projected General Fund balance of $168.6 million, with stable revenues and obligations aligning with Five-Year Plan projections. However, long-term concerns about rising pension, healthcare, and debt service costs persist.

The second quarter FY06 QCMR projects a General Fund balance of $168.6 million, driven by increased tax revenues and reduced obligations. However, federal funding shortfalls for human services and rising pension costs remain key risks.

The Reversing the Trend of Doing Too Little with Too Much report examines the City’s infrastructure investment shortfalls and growing debt obligations, revealing that long-term liabilities increased by 64% while capital spending declined by 42% from FY01 to FY06. The report recommends debt reduction strategies and prioritizing pay-as-you-go infrastructure investments.

An Ounce of Prevention: Managing the Ballooning Liability of Philadelphia’s Pension Fund' examines the City’s pension crisis, highlighting a $2.9 billion unfunded liability and projected cost increases of 76% from FY01 to FY06. The report urges immediate reforms, including adjusting benefit structures and funding policies to improve the pension fund’s health.

The first quarter FY06 QCMR projects a General Fund balance of $142.5 million, a $120.3 million improvement from the Five-Year Plan, due to strong tax revenues and expenditure control. However, rising employee benefits and fuel costs present ongoing financial risks.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY05 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 From Virtual Realty to Full Value Realty: Preparing for Reassessment report evaluates Philadelphia’s transition to full-value property assessments and the fiscal and policy implications of the change. It discusses the potential impact on property tax revenue, municipal debt limits, and taxpayer burdens, while recommending strategies to ensure a fair and transparent reassessment process.

The fourth quarter FY05 QCMR reports a projected General Fund balance of $26.7 million, in line with the Five-Year Plan. However, growing pension and health care costs, coupled with revenue reliance on volatile sources, pose long-term risks.

PICA's Staff Report on The Five-Year Financial Plan for FY06-10 reviews Philadelphia’s budgetary strategy, with a focus on debt service obligations, expenditure reductions, and economic development initiatives.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY04 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's Staff Report on The Five-Year Financial Plan for FY05-09 assesses Philadelphia’s budgetary trajectory, highlighting potential risks and proposing strategies for maintaining fiscal balance.