January 29, 2019—Overtime costs for the first quarter (July 1 – September 30) of fiscal year 2019 totaled $47.6 million, or 30.7 percent of the City’s total annual overtime allocation, according to a PICA report on first quarter overtime costs. While this total is slightly higher than what was spent on overtime in the first […]
City Spends $47.6 Million in Overtime in First Quarter of FY2019: PICA Issues First Quarter Overti...
Strong December Pushes Most FY2019 Tax Collections Ahead of Last Year Year-to-Date Revenues Still Below City’s Projections The City collected approximately $212.3 million in General Fund tax revenue in December of FY2019, compared to $203.1 million in December of last year, according to preliminary figures. Strong wage, earnings, and net profits and business income and […]
S&P Global Affirms “AAA” Rating for PICA Bonds December 13, 2018 — Today, S&P Global Rating affirmed its “AAA” Rating on PICA’s special tax revenue bonds, under the application of its new Priority-Lien Tax Revenue Debt criteria, with a stable outlook. In their announcement S&P Global Rating viewed the “unique structure, and purpose of the […]
City Experiences First Monthly Tax Collection Decrease in FY2019 Most Taxes Show Decreases Over November of FY2018 The City collected approximately $175.1 million in General Fund tax revenue in November of FY2019, compared to $185.3 million in November of last year, according to preliminary figures. After consecutive months of strong collections in FY2019, most taxes […]
PICA Board Approves City’s Revised FY2019-FY2023 Five Year Plan December 7, 2018— The Board of the Pennsylvania Intergovernmental Cooperation Authority (“PICA”) today unanimously approved the City of Philadelphia’s Revised Five Year Financial Plan for Fiscal Years 2019-2023 (the “Revised Plan”), submitted to PICA on November 23, 2018. In November 2018, the City executed a collective bargaining […]
Revenues, Expenditures, and Fund Balance Higher Than City’s Five Year Plan Projections November 28, 2018 — The estimated year end fund balance for FY2019 is projected to total $248.4 million, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the first quarter (period ending September 30, 2018), $108.9 […]