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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…
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.
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 FY00-04 Five-Year Plan
June 15, 1999
PICA's Staff Report on The Five-Year Financial Plan for FY00-04 evaluates Philadelphia’s projected revenues, expenditures, and financial challenges, outlining strategies for maintaining budgetary balance over five years.
Reserves and Fiscal Stability
White Paper
Caution: Severe Threats to Philadelphia’s Fund Balance Ahead
November 19, 1998
The Caution: Severe Threats to Philadelphia’s Fund Balance Ahead report warns of looming financial risks despite the City’s sixth consecutive year of a positive General Fund balance. It highlights key challenges, including welfare reform, international economic instability, and upcoming labor contract negotiations, which could significantly impact the City’s fiscal stability.
PICA Annual Report
Annual Report
PICA Annual Report FY1998
October 20, 1998
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY98 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 FY99-03 Five-Year Plan
June 9, 1998
PICA's Staff Report on The Five-Year Financial Plan for FY99-03 analyzes Philadelphia’s fiscal challenges, expenditure trends, and policy options to promote financial sustainability.
Government Operations, Efficiency, & Performance
White Paper
Court Unification and State-Wide Funding: Future Five-Year Financial Plan Implications for the City of Philadelphia
January 1, 1998
The Court Unification and State-Wide Funding: Future Five-Year Financial Plan Implications for the City of Philadelphia report analyzes the financial impact of shifting local court funding to the state.
PICA Annual Report
Annual Report
PICA Annual Report FY1997
October 21, 1997
The Pennsylvania Intergovernmental Cooperation Authority (PICA) FY97 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 FY98-02 Five-Year Plan
May 20, 1997
PICA's Staff Report on The Five-Year Financial Plan for FY98-02 reviews Philadelphia’s fiscal outlook, emphasizing long-term financial planning, debt management, and municipal workforce efficiency.
Spending Analysis & Outlook
White Paper
Philadelphia Government Costs: Additional Reductions Required
January 9, 1997
The Philadelphia Government Costs: Additional Reductions Required report assesses the City's spending trends, noting that while budget surpluses have been achieved, the overall cost of government has not significantly decreased. It emphasizes the need for structural expenditure reductions in core services, social services, and fixed costs to align with the City’s declining economic base.
Revenue Analysis & Outlook
White Paper
Revenue Stress in the City of Philadelphia
November 20, 1996
The Revenue Stress in the City of Philadelphia report assesses the pressures on Philadelphia’s revenue base and the structural challenges limiting its financial flexibility. It examines economic trends, demographic shifts, and the reliance on volatile tax sources, emphasizing the need for strategic fiscal planning to mitigate future risks.