Publications

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.

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.

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.

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.

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.

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.