Please be advised that the March 17, 2015 meeting of the Board of the Pennsylvania Intergovernmental Cooperation Authority has been cancelled. The next regularly scheduled meeting of the Board will be April 21, 2015.
Projected Fund balance for FY15 is $78 million higher than projected in the FY15-FY19 Five-Year Plan. General Fund revenues decline by $639 million.
The QCMR projects FY15 General Fund revenues at $3,786.4 million, an increase of $639.3 million from the initial FY15-FY19 Plan estimate. Obligations are projected at $3,865.3 million, a decrease of $659.2 million from the Plan estimate. The projected FY15 fund balance of $146.1 million is $77.8 million higher than the initial FY15-19 Plan projection. The full PICA staff report on the QCMR is available here.
Real Estate Transfer Tax Collections Continue to be Strong, while Other Taxes are Generally in Line with Projections
General Fund tax collections totaled $222.1 million in January, according to the City’s preliminary revenue report, a decrease of $2.5 million (1.1 percent) from the previous year. To view PICA’s complete report on the City of Philadelphia’s Tax Revenue update for January 2015, click here.
Please be advised that the February 17, 2015 meeting of the Board of the Pennsylvania Intergovernmental Cooperation Authority has been cancelled. The next regularly scheduled meeting of the Board will be March 17, 2015.
Philadelphia Wage and Earnings and Real Estate Taxes Continue to Exceed Projections through 2014
General Fund tax collection totaled $165.5 million in December (2014), an increase of $7.4 million from the previous year. To view PICA’s complete report on City of Philadelphia’s Tax Revenue update for December 2014, click here.
January 20, 2015—Today, the Pennsylvania Intergovernmental Cooperation Authority (PICA) released its staff report: Philadelphia’s Pension System: Reducing Risk and Achieving Fiscal Stability. The Authority obtained the services of Boomershine Consulting Group to assist PICA in understanding the funding of the City of Philadelphia pension system and the risks associated with it. Subsequently, PICA staff conducted its own analysis and compared the City pension system with other municipal pension funds. The report credits the City in its efforts on making reforms and improvements to date and recommends further changes in areas of plan design, funding, actuarial assumptions, reporting, and governance. The PICA report is available here.
This Request for Proposal (“RFP”) provides information to enable qualified firms to submit a proposal for financial statement preparation services for the Pennsylvania Intergovernmental Cooperation Authority (“PICA”). The complete RFP is available here.
General Fund tax collections through November increased 0.2 % over the previous year, reflecting growth in the wage and earnings tax and real estate transfer tax, offset by a decline in sales tax revenue due to a shift in revenue to the School District beginning in FY15.
The full reports on Revenues through November are available below:
Under the PICA Act, within 45 days of the end of each fiscal quarter, the City is required to submit to PICA “reports describing actual or current estimates of revenues and expenditures compared to budgeted revenues and expenditures…” The City fulfills this requirement by submitting a Quarterly City Managers Report (QCMR). The most recent QCMR, covering the first quarter of FY15, was submitted to PICA on November 17, 2014. The report is available here.
The QCMR projects FY15 General Fund revenues at $4,471.4 million, an increase of $45.7 million from the initial FY15-FY19 Plan estimate. Obligations are projected at $4,560.9 million, an increase of $36.4 million from the Plan estimate. The FY14 fund balance was $202.1 million, $123 .7 million higher than the initial projection in the FY15-19 Plan. The full PICA staff report on the QCMR is available 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, 2014 includes an overview of PICA and its role, a discussion of PICA’s work during FY14, goals for FY15, and long-term goals. The report also includes FY14 financial statements and a report of independent auditors. The report is available here