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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
White Paper
The Crime of Inefficiency: The Cost of Policing in Philadelphia
March 9, 2004
The Crime of Inefficiency: The Cost of Policing in Philadelphia examines inefficiencies in the Philadelphia Police Department, highlighting excessive staffing levels, high overtime expenditures, and ineffective management practices.
PICA Annual Report
Annual Report
PICA Annual Report FY2003
October 1, 2003
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY03 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 FY04-08 Five-Year Plan
June 26, 2003
PICA's Staff Report on The Five-Year Financial Plan for FY04-08 examines Philadelphia’s financial outlook, assessing projected revenues, major expenditure categories, and policy initiatives to ensure fiscal sustainability.
PICA Capital Financing
Bond Documents
2003 Bond Issuance Documents
June 1, 2003
The document outlines the Amended and Restated Indenture of Trust between PICA and Meridian Bank as Trustee, governing the issuance and repayment of bonds. It details the security structure, payment mechanisms, and legal covenants ensuring compliance with tax and financial regulations.
PICA Annual Report
Annual Report
PICA Annual Report FY2002
October 15, 2002
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY02 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 FY03-07 Five-Year Plan
June 18, 2002
PICA's Staff Report on The Five-Year Financial Plan for FY03-07 evaluates Philadelphia’s fiscal strategies, with an emphasis on revenue diversification, service efficiency improvements, and capital investment planning.
PICA Capital Financing
Bond Documents
1999 Bond Issuance Documents
May 1, 2002
The document outlines financial agreements related to PICA's 1999 bond issuance, including an interest rate swap transaction with JPMorgan Chase. It details payment schedules, notional amounts, and swap rate structures, along with provisions for termination and settlement.
PICA Annual Report
Annual Report
PICA Annual Report FY2001
October 16, 2001
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY01 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 FY02-06 Five-Year Plan
May 15, 2001
PICA's Staff Report on The Five-Year Financial Plan for FY02-06 outlines Philadelphia’s financial forecast, addressing concerns related to workforce reductions, tax policy changes, and debt restructuring.
Reserves and Fiscal Stability
White Paper
Philadelphia’s Fiscal Challenge: Finding a Way to Save
November 16, 2000
The Philadelphia’s Fiscal Challenge: Finding a Way to Save report advocates for the establishment of a rainy day fund to prepare for economic downturns and fiscal uncertainties. It examines financial practices in other cities and argues for proactive measures to strengthen the City's financial resilience.
PICA Annual Report
Annual Report
PICA Annual Report FY2000
October 16, 2000
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY00 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 FY01-05 Five-Year Plan
May 16, 2000
PICA's Staff Report on The Five-Year Financial Plan for FY01-05 outlines Philadelphia’s fiscal policies, revenue forecasts, and expenditure plans, addressing structural budgetary challenges.
Government Operations, Efficiency, & Performance
White Paper
Good Policy Demands Better Measurement: Philadelphia’s Economic Development Program
March 27, 2000
Good Policy Demands Better Measurement: Philadelphia's Economic Development Program white paper critiques the City's Economic Stimulus Program, highlighting the absence of clear performance metrics and strategic oversight.
Revenue Analysis & Outlook
White Paper
Philadelphia Must Reduce Its Need for Tax Revenues
January 31, 2000
The Philadelphia Must Reduce Its Need for Tax Revenues report examines the City's continued reliance on tax-supported spending despite economic growth and budget surpluses. It argues that Philadelphia must reduce expenditures funded by tax revenues to sustain long-term financial stability and create capacity for future tax reductions.
Reserves and Fiscal Stability
White Paper
The Adverse Consequences of Philadelphia’s Continuing Population Loss
November 8, 1999
The Adverse Consequences of Philadelphia’s Continuing Population Loss report examines the City's declining population and the economic and fiscal risks associated with sustained outmigration. It highlights the impact on the tax base, service demand, and long-term financial stability.
PICA Annual Report
Annual Report
PICA Annual Report FY1999
October 19, 1999
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY99 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.