Publications

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.

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 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.

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.

The PICA Board met on March 19, 2024, to approve contract extensions for revenue analysis services and legal counsel. The Board also received updates on the City’s upcoming FY25-29 budget, staffing challenges, and financial forecasts.

The March 19, 2024, meeting agenda includes an Executive Session regarding PICA's office lease, reports from the Executive Director and Treasurer, and votes on two resolutions. The Board will consider approving revenue analysis services and recognizing S. William Richter, Esq.

PICA formally recognized and expressed appreciation for the service of S. William Richter, Esq., who served as General Counsel from the Authority’s inception in 1991 to 2024. His contributions were instrumental in improving the City of Philadelphia’s financial stability and overseeing billions of dollars in bond proceeds and tax revenue remitted to the City.

PICA has approved a resolution to retain Charles Swanson for professional consulting services to review and analyze the City of Philadelphia’s revenue assumptions and projections in its FY2025-FY2029 Five-Year Financial Plan. The contract, based on a proposal dated February 25, 2024, authorizes a fee not exceeding $9,000 to ensure the reasonableness of the City’s financial projections.

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.

The FY24 Quarterly Overtime Report for Q2 finds that year-to-date overtime spending reached $134 million, with seven departments expected to exceed their adopted allocations.

PICA’s Fact Sheet on the City of Philadelphia's FY23 Annual Comprehensive Financial Report (ACFR) provides an audited, detailed assessment of the City of Philadelphia’s financial position. The report highlights a 26% increase in the General Fund balance, stable locally generated revenues, and the City’s unmodified audit opinion, underscoring its compliance with GAAP and GASB standards while maintaining financial transparency.

The General Counsel contract includes both the RFP issued by PICA requesting legal services and the response from the successful respondent, Ballard Spahr LLP. The document outlines the scope of work to be provided and the fees for those services.

The PICA Board met on February 20, 2024, to approve the Authority’s FY25 Operating Budget and select new legal counsel. The Board also discussed City financial trends, including budget surpluses and the ongoing lease renegotiation for PICA’s office.

The February 20, 2024, meeting agenda includes standard reports, an executive session (if needed), and votes on resolutions for the FY25 PICA Operating Budget and General Counsel selection. The Board will also review City financial updates and public comment.

PICA approved the engagement of a new General Counsel following a competitive RFP process, selecting a firm based on qualifications and experience. The contract is for one year, with three one-year renewal options at PICA’s discretion.

PICA approved its FY2025 Operating Budget, ensuring continued funding for the Authority’s financial oversight responsibilities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.