The PICA Act requires that as long as PICA bonds are outstanding, the Mayor shall submit a proposed five-year plan to the Authority at least 100 days prior to the beginning of the fiscal year. On March 6, Mayor Nutter submitted to PICA the City’s proposed Five-Year Financial Plan for Fiscal Year 2015 through Fiscal Year 2019. The full Plan document is available here. Additional schedules that provide support for the revenue estimates in the proposed Plan are available here.
The submission of the proposed Plan by the Mayor is the first stage in the annual Five-Year Plan process. The PICA Act requires that the Plan be consistent with the Council-enacted operating and capital budgets. Accordingly, after final passage of the FY15 budget, the City will revise the Plan to reflect the approved budget, and may make other changes to reflect legislative or economic factors that impact revenues or expenditures. The revised Plan will be submitted to PICA, and the PICA Board will then have 30 days to determine whether the revised Plan meets PICA Act criteria.