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 reopener agreement (the “Reopener”) with AFSCME District Council 33 (“DC33”). This Reopener resulted in $28 million in additional health and welfare costs that were not included in the City’s FY2019-FY2023 Five Year Financial Plan, approved in July 2018 (the “Plan”), prompting the submission of a Revised Plan in accordance with the Pennsylvania Intergovermental Cooperation Authority Act for Cities of the First Class (the “PICA Act”).
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