April Tax Collections Drop by More Than Half Compared to Last Year Impact of COVID-19 on Tax Collections Becomes Evident The City collected approximately $287.1 million in General Fund tax revenue in April of FY2020, compared to $639.7 million in April FY2019, a decrease of approximately $352.6 million, or 55.1 percent, according to preliminary figures. As […]
PICA’s Monthly Tax Update for March
March Tax Collections Slightly Higher Than Last Year Impact of COVID-19 on Tax Revenue Not Yet Evident The City collected approximately $383.0 million in General Fund tax revenue in March of FY2020, compared to $381.6 million in March FY2019, an increase of approximately $1.4 million, or 0.4 percent, according to preliminary figures. About half of […]
PICA’s Monthly Tax Update for February
February Tax Collections Increase by 6.8% Over Last Year Increases in Every Month of FY2020 Continue The City collected approximately $599.8 million in General Fund tax revenue in February of FY2020, compared to $561.8 million in February FY2019, an increase of approximately $37.9 million, or 6.8 percent, according to preliminary figures. About half of the […]
PICA’s Staff Report on City’s Second Quarter QCMR
Projected Revenues and Obligations Both Reach $5 Billion City Projects FY2020 Fund Balance of Over $350 Million February 26, 2020 —The City projects increases in both revenues and expenses of over $90 million, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the second quarter (October 1 – […]
Second Quarter Overtime Update for FY2020
City’s So Far Spends $23.6 Million More in Overtime Than Last Year Departments Spend Two-Thirds of Allocation Halfway Through Fiscal Year January 24, 2020 —The Pennsylvania Intergovernmental Cooperation Authority’s (“PICA”) Overtime Update for the Second Quarter of FY2020 showed City of Philadelphia overtime costs totaled $113.1 million, $23.6 million more than through the second quarter […]
PICA Hosts 2020 Regional Economists Meeting
February 13, 2020–Today PICA hosted its 2020 Regional Economists Meeting at the Federal Reserve Bank of Philadelphia. Representatives from IHS Markit, the City’s economic forecasting consultant, presented the structure of their economic model and major forecast assumptions. Marisa Waxman, the City’s Budget Director, followed with a presentation on preliminary revenue growth forecasts for fiscal years […]
