July 25, 2018—The Board of the Pennsylvania Intergovernmental Cooperation Authority (“PICA”) today unanimously approved the City of Philadelphia’s Five Year Plan for Fiscal Years 2019-2023 (the “Plan”). In approving the Plan, the Board held that the assumptions and estimates in the City’s Plan were reasonable and appropriate, and that the Plan projects positive year-end fund balances for the next five fiscal years.
PICA Staff recommended approval of the Plan, based on the following:
- Revenue and expenditure projections are reasonable and appropriate, as required by the PICA Act.
- The City’s revenue collections continue to outpace projections. According to preliminary revenue data, FY2018 tax revenues will surpass both the prior year’s actual totals, and the originally projected amounts, for almost all taxes.
- For FY2018, the Plan projects a year end fund balance of $228.5 million, representing an almost 21 percent increase from FY2017.
- The City continues to benefit from the continued economic expansion experienced since the end of the recession.
For the full report, click here.
For the accompanying press release, click here.