February Tax Collections Increase by Ten Percent Compared to Last Year Strong Wage, Earnings, and Net Profits Taxes Drive Increase in Year-to-Date Collections The City collected approximately $562.4 million in General Fund tax revenue in February 2019, compared to $511.6 million in February 2018, an increase of 9.9 percent, according to preliminary figures. While the […]
Revenues and Expenditures Higher Than Projected in Five Year Plan FY2019 Fund Balance Projected at $222.7 Million February 27, 2019 —FY2019 revenues are projected at $4.638 billion and expenditures are projected at $4.803 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the second quarter (period ending […]
February 12, 2019 – Today PICA hosted its annual Regional Economists Meeting, as part of our Five Year Plan Review Process. Representatives from IHS Markit, the City’s economic forecasting consultant, presented the structure of their economic model and major forecast assumptions. Anna Adams, the City’s Budget Director, followed with a presentation on preliminary revenue growth […]
January Collections Fall by Seven Percent Compared to Last Year Year-to-Date Revenues Level With Last Year The City collected approximately $305.0 million in General Fund tax revenue in January of FY2019, compared to $328.4 million in January of last year, a decrease of 7.1 percent, according to preliminary figures. While wage, earnings, and net profits […]
City Spends $47.6 Million in Overtime in First Quarter of FY2019: PICA Issues First Quarter Overti...
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 […]
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 […]