Strong Real Estate Tax Collections Drive 14% Increase in March Collections Total Year-to-Date Collections Increase by 4.2 Percent Over Last Year The City collected approximately $382.0 million in General Fund tax revenue in March 2019, compared to $334.6 million in March 2018, an increase of 14.2 percent, according to preliminary figures. Notably, real estate tax […]
City Spends $90 Million On Overtime Through Second Quarter: PICA Issues Overtime Update for Second...
Preliminary reports show that overtime costs through the second quarter (July 1 – December 31) of fiscal year 2019 totaled approximately $89.5 million, compared to almost $93.0 million over the same period last year—representing a 3.5 percent reduction in overtime spending. Departments with the highest overtime spending totals in FY2018, such as the Police, Prisons, […]
February Tax Collections Increase by Ten Percent Compared to Last Year Strong Wage, Earnings, and Net Profits Taxes Drive Increase in Year-to-Date Collections The City collected approximately $562.4 million in General Fund tax revenue in February 2019, compared to $511.6 million in February 2018, an increase of 9.9 percent, according to preliminary figures. While the […]
Revenues and Expenditures Higher Than Projected in Five Year Plan FY2019 Fund Balance Projected at $222.7 Million February 27, 2019 —FY2019 revenues are projected at $4.638 billion and expenditures are projected at $4.803 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the second quarter (period ending […]
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 […]