Financial Oversight for the City of Philadelphia


PICA provides independent oversight of Philadelphia’s finances to promote long-term fiscal stability and accountability. Explore our publications to access reports, analyses, and financial reviews that inform policy and guide decision-making.

Newest PICA Publications

  • Catalyzing Growth: Tracking Philadelphia’s General Fund Investments in Economic Development

    Philadelphia has more than doubled its General Fund spending on economic development over the past decade, but lacks a system-wide strategy to evaluate the return on those investments. This publication analyzes how the City reports economic development spending, compares Philadelphia to peer cities, and recommends clearer goals, outcome-based measures, and regular reporting to guide future…

    October 23, 2025

  • Ranking Reserves: Benchmarking Philadelphia’s Financial Cushion

    Philadelphia’s reserves improved significantly between FY20 and FY24, reaching 18 percent of General Fund revenues, the highest level in City history, but still below the median among ten peer cities. Despite this progress, projections in the FY26 to FY30 Five-Year Plan show reserves steadily declining, which may limit the City’s ability to respond to future…

    October 15, 2025

  • PICA Annual Report FY2025

    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…

    October 8, 2025

The mission of the Authority, as stated in its enabling legislation, is as follows:

Policy. It is hereby declared to be a public policy of the Commonwealth to exercise its retained sovereign powers with regard to taxation, debt issuance and matters of Statewide concern in a manner calculat­ed to foster the fiscal integrity of cities of the first class to assure that these cities provide for the health, safety and welfare of their citizens; pay principal and interest owed on their debt obligations when due; meet financial obligations to their employees, vendors and suppliers; and provide for proper financial planning procedures and budgeting practices.

Michael A. Karp

Secretary / Treasurer

Rosalind W. Sutch

Assistant Secretary / Treasurer

Patrick Burns

Board Member