Third Quarter Revenues and Expenditures Almost $100 Million Higher Than Projected in Five Year Plan FY2019 Fund Balance Projected at $280.0 Million May 22, 2019 —FY2019 revenues are projected at $4.72 billion and expenditures are projected at $4.82 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for […]
City Sees Double-Digit Increase in April Tax Collections Strong April Also Drives Increase in Year-to-Date Collections The City collected approximately $642.2 million in General Fund tax revenue in April 2019, compared to $528.8 million in April 2018, an increase of $113.4 million, or 21.5 percent according to preliminary figures. Notably, business income and receipts (“BIRT”) […]
Proposals due May 28, 2019 @5:00pm EDT This Request for Proposal (“RFP”) provides information to enable qualified firms to submit proposals to the Pennsylvania Intergovernmental Cooperation Authority (“PICA”) to serve as Financial Advisor with respect to the potential refunding of approximately $160 million aggregate principal amount of PICA’s Series 2009 and Series 2010 Special Tax […]
City Spends $133.1 Million On Overtime Through Third Quarter: PICA Issues Third Quarter Overtime U...
Preliminary reports show that overtime costs through the third quarter (July 1–March 31) of fiscal year 2019 totaled approximately $133.1 million, compared to almost $135.4 million over the same period last year—a decrease of $2.3 million, or 1.7 percent. More than half of the departments reviewed for this report1 managed to reduce their overtime spending […]
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, […]