PICA today released “City of Philadelphia Performance: Measurement, Reporting and Accountability,” its first report on the performance of City government. The report analyzes the goals and performance measures of 21 key City departments. While the report’s findings cover the previous administration, the new Kenney Administration has reviewed the report and expressed a commitment to implementing the report’s recommendations that call for increased performance measurements, coupled with improved managerial evaluation standards for all departments. The full report is available here. The press release accompanying the report is available here.
PICA Issues Staff Report on City’s 1st Quarterly City Manager’s Report
In PICA’s Staff Report on the City’s Quarterly City Manager’s Report (QCMR) for the first quarter of FY16 the City’s projected Fund Balance is $12.9 million higher than projected previously in the FY16-20 Five Year Financial Plan. In addition, the City ended FY15 with $83.2 million more in the General Fund than initially projected in the FY15-FY19 Five Year Plan, and $6.6 million more than was reported in the FY15 4th QCMR.
While the fund balance is projected to be higher than the previously projected fund balance, levels remain significantly below an ideal level. These low fund balances present a financial risk to the City especially if economic growth should pause or scale back and/or the City incurs unanticipated costs.
In addition, the City’s projection of FY16 General Fund tax revenues increased $13 million from the Five Year Plan Projection.
To view the complete PICA Report click here.
The PICA statute requires the Authority to file an annual report with Commonwealth and City officials “describing its progress with respect to restoring the financial stability of assisted cities and achieving balanced budgets for assisted cities…” The annual report for year ended June 30, 2015 includes an overview of PICA and its role, a discussion of PICA’s work during FY15, goals for FY16, and long-term goals. The report also includes FY15 financial statements and a report of independent auditors. The report is available here.
Total General Fund tax revenue increased 7.5 percent through the first four months of FY16, with the real estate transfer tax performing particularly well.
General Fund tax collections totaled $180.0 million in October, according to the City’s preliminary revenue report, an increase of $9.0 million (5.2 percent) from the previous year. To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for October 2015 click here.
Letter from PICA Chair calls on the Board of Revision of Taxes to complete all outstanding 2014 and 2015 appeal hearings by February 2016. For letter, click here.
September wage and earnings and real estate transfer tax collections continue to outperform the projected growth rate.
General Fund tax collections totaled $168.0 million in September, according to the City’s preliminary revenue report, an increase of $6.5 million (4.0 percent) from the previous year. To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for September 2015 click here.
Notice is hereby given that the Board of the Pennsylvania Intergovernmental Cooperation Authority will meet at 12:15 pm, Philadelphia, PA time, in the Authority’s conference room on the following dates:
Notice is hereby given that the Board of the Pennsylvania Intergovernmental Cooperation Authority will meet at 12:15 p.m. on Tuesday, September 22, 2015, in the Authority’s board room located at 1500 Walnut Street, Suite 1600, Philadelphia, PA 19102.
Collections for August show strong growth rates at or above current projections for most taxes, with the wage and real estate transfer taxes performing particularly well.
General Fund tax collections totaled $175.7 million in August, according to the City’s preliminary revenue report, an increase of $19.1 million (12.2 percent) from the previous year. To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for August 2015 click here.