This Request for Proposal (“RFP”) provides information to enable qualified firms to submit a proposal for specialized consulting services for the Pennsylvania Intergovernmental Cooperation Authority (“PICA”). The purpose of the project is to provide outside audit services for PICA.
Guide to the Budget
Philadelphia’s General Fund Budget: A Citizen’s Guide is designed to better inform the public about the City of Philadelphia’s budget. The City’s General Fund supports the core operations of government and is primarily financed through tax revenues. It accounts for all resources except those for which a dedicated fund has been created.
The budget planning process begins in December, seven months before the beginning of the new fiscal year. The process concludes when PICA approves the Five-Year plan.
On May 13, 2013, PICA released its fourth tax update for calendar year 2013. City General Fund tax collections were $474.7 million in April, an increase of $148.5 million (45.5 percent) from April 2012, according to the City’s preliminary revenue report. April collections included $276.0 million in business income and receipts taxes, $127.1 million of the City portion of wage, earnings, and net profits taxes, and $71.6 million in other taxes. Through the first ten months of fiscal year 2013 (FY13), the General Fund received $2,351.1 million in tax revenue, an increase of 12.2 percent compared to same period in FY12. General Fund tax revenue is currently estimated at $2,667.5 million for FY13, an increase of 3.8 percent from FY12.