Publications

PICA’s Fact Sheet on the City of Philadelphia's Submitted Five-Year Financial Plan (FY25-29) reflects updates made following budget negotiations, incorporating revised revenue and expenditure estimates. The plan projects a General Fund balance decline from $569 million in FY25 to $66 million in FY29, includes operating deficits in all years, and commits over $10 billion to capital projects.

PICA’s Revenue Prediction Precision issue brief analyzes Philadelphia’s accuracy in forecasting revenues compared to 11 peer cities, finding that the City is among the most precise, with a mean error of ±4.0%.

PICA reappointed Maher Duessel, LLP to provide financial auditing services for the fiscal year ending June 30, 2025, with four one-year renewal options. The selection followed a competitive RFP process in which Maher Duessel was the sole respondent and was deemed the best-qualified firm.

The PICA Board met on June 18, 2024, to approve auditing and accounting service contracts for the Authority. The Board also discussed the upcoming FY2025-2029 Five-Year Plan and financial challenges facing the City.

PICA retained J. Miller & Associates, LLC to provide accounting services for the fiscal year ending June 30, 2025, with four one-year renewal options. The engagement follows a competitive RFP process in which J. Miller was the sole respondent and was deemed qualified for the role.

The FY24 Quarterly Overtime Report for Q3 shows that overtime spending reached $187.5 million year-to-date, with staff vacancies continuing to drive high costs.

Press Release announcing that PICA Board Unanimously Approves City of Philadelphia’s FY2025-FY2029 Five Year Financial Plan.

The third quarter FY24 QCMR projects General Fund revenues at $5.94 billion, $76.0 million below the Five-Year Plan, while obligations have increased to $6.41 billion, $222.0 million higher than projected. The year-end fund balance is projected at $537.0 million, $8.0 million above the Five-Year Plan, representing 9.0% of revenues​.

PICA’s Philadelphia Pension Fund Fact Sheet examines the City's ongoing efforts to reduce its unfunded pension liability and stabilize pension costs. The report highlights that the City contributed nearly $833 million to the Pension Fund in FY24—four times the normal cost of benefits earned—while projecting the fund to reach 80% funding by FY29 and full funding by FY33.

PICA’s Budget Stabilization Reserve Fact Sheet examines Philadelphia’s Rainy Day Fund, detailing its role in providing financial stability, the updated deposit formula, and criteria for withdrawals.

PICA’s Contributions Fact Sheet analyzes trends in Class 500 expenditures, noting that contributions to the School District of Philadelphia and Community College of Philadelphia have increased by 140% since FY14.

The PICA Board met on April 16, 2024, to discuss the City’s FY25-29 budget review process, upcoming financial reports, and lease terms for PICA’s office space. The Board approved a lease extension that reduces rental costs while maintaining the current office location.

PICA approved a new seven-year lease agreement for its current office space at 1500 Walnut Street, Suite 1600, Philadelphia, PA. The lease, beginning September 1, 2024, includes a base rent escalation of 3% per year, with an average base rental rate of $19.71 per square foot.

The April 16, 2024, meeting agenda includes reports, updates from the City, public comment, and a vote on the approval of PICA's office lease terms. New business items will also be discussed.

PICA’s Tax Reform & Fiscal Stability issue brief explores Philadelphia’s historical tax reforms, their impact on fiscal health, and the potential effects of new proposals being considered by the Tax Reform Commission.

PICA’s Fact Sheet on the City of Philadelphia's Proposed Five-Year Financial Plan (FY25-29) provides a forward-looking assessment of the City of Philadelphia’s expected revenues, expenditures, and financial strategy. The plan projects a decline in the General Fund balance from $486 million in FY25 to $14 million in FY29, with operating deficits in all years and a total of $10 billion committed to capital projects.