February 12, 2019 – Today PICA hosted its annual Regional Economists Meeting, as part of our Five Year Plan Review Process. Representatives from IHS Markit, the City’s economic forecasting consultant, presented the structure of their economic model and major forecast assumptions. Anna Adams, the City’s Budget Director, followed with a presentation on preliminary revenue growth […]
January Collections Fall by Seven Percent Compared to Last Year Year-to-Date Revenues Level With Last Year The City collected approximately $305.0 million in General Fund tax revenue in January of FY2019, compared to $328.4 million in January of last year, a decrease of 7.1 percent, according to preliminary figures. While wage, earnings, and net profits […]
City Spends $47.6 Million in Overtime in First Quarter of FY2019: PICA Issues First Quarter Overti...
January 29, 2019—Overtime costs for the first quarter (July 1 – September 30) of fiscal year 2019 totaled $47.6 million, or 30.7 percent of the City’s total annual overtime allocation, according to a PICA report on first quarter overtime costs. While this total is slightly higher than what was spent on overtime in the first […]
Strong December Pushes Most FY2019 Tax Collections Ahead of Last Year Year-to-Date Revenues Still Below City’s Projections The City collected approximately $212.3 million in General Fund tax revenue in December of FY2019, compared to $203.1 million in December of last year, according to preliminary figures. Strong wage, earnings, and net profits and business income and […]
S&P Global Affirms “AAA” Rating for PICA Bonds December 13, 2018 — Today, S&P Global Rating affirmed its “AAA” Rating on PICA’s special tax revenue bonds, under the application of its new Priority-Lien Tax Revenue Debt criteria, with a stable outlook. In their announcement S&P Global Rating viewed the “unique structure, and purpose of the […]
City Experiences First Monthly Tax Collection Decrease in FY2019 Most Taxes Show Decreases Over November of FY2018 The City collected approximately $175.1 million in General Fund tax revenue in November of FY2019, compared to $185.3 million in November of last year, according to preliminary figures. After consecutive months of strong collections in FY2019, most taxes […]