Publications

PICA approved its meeting schedule for FY2025 and set the annual meeting date for FY2026, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates, times, and locations for the Authority’s fiscal year.

El informe del personal de PICA recomienda la aprobación del Plan Quinquenal de los Años Fiscales 2025-2029 de la Ciudad de Filadelfia, ya que cumple con los criterios de la Ley de PICA. Destaca saldos de fondos positivos, una calificación crediticia mejorada, contribuciones al Fondo de Estabilización Presupuestaria y el progreso hacia la plena financiación del sistema de pensiones​Resumen-Ejecutivo-PICA-….

PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Ms. Sutch as Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.

PICA approved the City of Philadelphia’s FY2025-FY2029 Five-Year Financial Plan, confirming that it meets statutory requirements. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.

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 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 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 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 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.

Generative Artificial Intelligence (AI) are evolving tools that leverage large datasets and machine learning to predict what language or graphics might satisfy a prompt from a user. These tools have the potential to enhance the quality and efficiency of PICA’s work but also present some risks and dangers. This policy is intended to encourage responsible…