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Featured Publications
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Foundations for the Five-Year Plan: Putting FY27-31 into Context
June 25, 2026
Philadelphia’s FY27-31 Five-Year Financial Plan will be shaped by demographic, economic, and fiscal trends that influence the City’s budget outlook. Over the past decade, the City has seen job and population recovery, stronger revenue collections, improved pension funding, upgraded credit ratings, and higher reserves, while persistent challenges remain around household income, poverty, unemployment, and reliance…
Budget Structure and Process
Fact Sheet
Five-Year Plan Requirements
June 16, 2026
Each year, as required by the PICA Act and the Intergovernmental Cooperation Agreement (ICA), the City of Philadelphia produces a Five-Year financial plan. PICA’s board is responsible for approving the plan, ensuring that projections over the next five fiscal years are balanced, reasonable, and based on consistent methods. The criteria for approval are detailed in…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
QCMR Summary FY26 Q3
May 28, 2026
The City’s projected FY26 General Fund balance is now anticipated to reach $799.8M (12.6% of revenues), growing by $290.6M from Q2 to Q3. This increase is encouraging but was made possible in large part by non-recurring factors, like an additional $144.3M in liquidated prior-year encumbrances, reduced obligations due to later-than-anticipated bond issuance, Labor Reserve realignment,…
PICA Annual Report
Annual Report
PICA Annual Report FY2025
October 8, 2025
In FY25, PICA fulfilled its oversight responsibilities by approving the City’s Five-Year Financial Plan and analyzing quarterly trends in revenues, expenditures, and fund balances. PICA expanded its research agenda to include capital transparency, bond spending, and grants administration, producing accessible reports and fact sheets to inform the public. PICA also modernized its operations by upgrading…
Debt and Pensions
Fact Sheet
Making the Grade: Philadelphia Credit Ratings Affirmed in September 2025
September 29, 2025
Philadelphia’s credit ratings were reaffirmed at A1 by Moody’s and A+ by both S&P and Fitch—the highest the City has received in over 40 years, though still below most peer cities. Rating agencies highlighted strong reserves, declining debt, and the fiscal governance required under the PICA Act as key strengths, while noting long-term risks tied…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on Quarterly Overtime
Quarterly OT Report FY25 Q4
September 4, 2025
Philadelphia spent $313.7 million on General Fund overtime in FY25, exceeding the adopted overtime budget by 10 percent and marking a nearly 19 percent increase over FY24. Major drivers included contracted pay increases, persistent public safety staffing shortages, emergency responses, and special events like the Eagles’ Super Bowl run and the presidential election. While some…
PICA Reports on Philadelphia's Financial Reports
PICA Staff Report on QCMR
FY25 Q4 QCMR Summary
August 29, 2025
The FY25 Q4 Quarterly City Managers Report (QCMR) projects increased General Fund revenues and increased spending compared to the approved FY25-29 Five-Year Plan, but a $46M decrease in revenues compared to Q3, with lower expectations from the Real Estate Tax and Sheriff fees. Overall, the City anticipates $384M more in revenue than FY24, driven by…
Debt and Pensions
Issue Paper
100 Percent Committed: Why Philadelphia Should Aim for Full Pension Funding
August 29, 2025
The City of Philadelphia has made significant progress toward fully funding its pension obligations, with reforms and steady contributions raising its funded ratio from 45 percent in FY16 to a projected 90 percent by FY30. The report explains how continuing on this path enhances credit ratings, lowers long-term costs, and strengthens the City’s fiscal stability,…
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 FY26-30 Five-Year Financial Plan
July 28, 2025
PICA’s Staff Report recommends PICA Board approval of the City of Philadelphia’s FY26–30 Five-Year Plan because it meets the requirements of the PICA Act, projecting positive year-end fund balances despite planned operating deficits from FY26 to FY29. The report highlights reasonable economic and revenue assumptions, the City’s continued investments in reserves, and the substantial $379…
Board Materials
Minutes
Minutes for the Meeting of June 17, 2025
July 28, 2025
The Board discussed the City’s newly adopted FY26 budget and upcoming submission of the FY26–30 Five-Year Plan to PICA, including updates on grants, affordable housing tax exemptions, and pending labor agreements. PICA staff shared recent publications, outlined areas of upcoming research, and reported on organizational activities such as community engagement, conference participation, and budget performance….
Board Materials
Resolution
Resolution 2026-01 Approval of the FY26-30 Five-Year Plan
July 28, 2025
The PICA Board unanimously approved the City of Philadelphia’s FY26–30 Five-Year Financial Plan after determining it met all requirements under the PICA Act and the Intergovernmental Cooperation Agreement. The resolution affirms that the Plan includes reasonable assumptions and maintains statutory fiscal standards. The vote passed with the required qualified majority.
Board Materials
Resolution
Resolution 2026-02 Renewal of Audit Services
July 28, 2025
The PICA Board approved the first one-year renewal of its contract with Maher Duessel LLP to provide financial auditing services for the fiscal year ending June 30, 2026. This renewal covers services from January 1 to December 31, 2026, and includes an option for further annual renewals at the Authority’s discretion. The resolution authorizes necessary…
Board Materials
Resolution
Resolution 2026-03 Renewal of Accounting Services
July 28, 2025
The PICA Board approved the first one-year renewal of its contract with J. Miller & Associates, LLC to provide accounting services for the period from July 1, 2025 through June 30, 2026. The renewal is based on a prior agreement that allows for up to four one-year extensions at the Authority’s discretion. The resolution authorizes…
Board Materials
Resolution
Resolution 2026-04 Election of Officers
July 28, 2025
The PICA Board elected officers for a one-year term at its annual meeting, as required by the PICA Act and the Authority’s bylaws. Kevin Vaughan was elected Chairperson, Alan Kessler as Vice Chairperson, Michael Karp as Secretary/Treasurer, and Rosalind Sutch as Assistant Secretary/Treasurer. The resolution took effect immediately upon its approval.
Board Materials
Resolution
Resolution 2026-05 FY26 Board Meeting Schedule
July 28, 2025
The PICA Board approved its schedule of regular meetings for Fiscal Year 2026 and the Annual Meeting for Fiscal Year 2027, as required under the Pennsylvania Sunshine Act. Meetings will be held monthly at 12:15 p.m. in PICA’s conference room at 1500 Walnut Street, with details also available on the Authority’s website. The resolution ensures…
Board Materials
Agenda
Annual Board Meeting Agenda for July 28, 2025
July 21, 2025
The Board will meet to review updates from the City and staff, including reports from the Executive Director and Treasurer, followed by an opportunity for public comment. Members will consider and vote on five resolutions, including approval of the FY26–30 Five-Year Plan, renewals of audit and accounting services, election of Board officers, and the FY26…
PICA Reports on Philadelphia's Five-Year Plan
Fact Sheet
Adopted FY26-30 Five-Year Plan Fact Sheet
July 1, 2025
Following City Council approval of the FY26 budget and the Mayor signing the budget bills into law, the Parker Administration has updated the Five-Year Financial Plan for Fiscal Years 2026 through 2030 (FY26-30) to reflect amendments to the FY26 budget and updated expectations for expenditures and collections over the life of the Plan. The FY26-30…
Government Operations, Efficiency, & Performance
Issue Brief
Tracking Progress & Building Trust: How Big Cities Share Capital Project Updates
June 26, 2025
Capital projects are major, long-term investments, and large cities are increasingly turning to dashboards and interactive tools to keep residents informed about their progress. This publication compares Philadelphia’s new efforts to share capital spending data with more advanced transparency platforms in New York City, Charlotte, and Boston, highlighting best practices for project tracking and communication….
Debt and Pensions
Issue Paper
Speed of Spend: Philadelphia’s Recent Record for Spending Borrowed Funds for Special Initiatives
June 25, 2025
Philadelphia’s H.O.M.E. Initiative plans to invest $800 million over four years in housing, with $161 million expected to be spent in the first year. This pace is significantly faster than previous initiatives such as Rebuild and the Neighborhood Preservation Initiative. The report outlines how factors like program design, administrative capacity, and stakeholder engagement can shape…