City Surpasses Overtime Allocation by $18 Million in FY2019 Departments Overspend Overtime Budget for Ninth Consecutive Year The Pennsylvania Intergovernmental Cooperation Autority’s (“PICA”) Annual Overtime Reprt for FY2019 showed City of Philadelphia overtime costs totaled $172.9 million, $18.1 million more than was allocated for the fiscal year, and the second highest-ever overtime spending total. Additionally, […]
PICA Hosts 2019 Fall Conference
Assessing a 21st Century Threat: Cybersecurity in Modern Government On Tuesday, October 8, PICA hosted a conference entitled Assessing a 21st Century Threat: Cybersecurity in Modern Government, at Temple University’s Center City Campus. The purpose of the conference was to gather government officials, economists, policy-makers, academics, and experts in the field of cybersecurity to discuss […]
Police-Court Overtime Study Finds Over $7 Million in Annual Savings
Study Makes Recommendations for Streamlined Court Scheduling System Potential annual savings of over $7 million were identified by a study on Philadelphia’s police-court overtime costs, commissioned by the Pennsylvania Intergovernmental Cooperation Authority (“PICA”), the City’s fiscal watchdog. The focus of the project was to identify areas for process improvement, streamlined collaboration and increased communication between […]
Monthly Tax Update for August 2019
The City collected approximately $215.0 million in General Fund tax revenue in August of FY2020, compared to $211.0 million in August FY2019, an increase of approximately $4.0 million, or 1.9 percent, according to preliminary figures. Several tax categories saw increases in collections compared to last August, such as the City sales, other miscellaneous, parking, and […]
PICA General Obligation Bond, Series 2019 Refunding Transaction
The following firms have been selected for PICA’s General Obligation Bond, Series 2019 Refunding Transaction: Authority Counsel: Reed Smith, LLP Bond Counsel: Saul Ewing Arnstein & Lehr, LLP Financial Advisor: PFM Financial Advisors; Phoenix Capital Partners, LLP Co-Senior Manager: RBC Capital Markets; Siebert Cisneros Shank & Co. Co-Manager: PNC Capital Markets, LLC Underwriter’s Counsel: Ahmad […]
PICA’s Staff Report on City’s Fourth Quarter QCMR
City Projects FY2019 Fund Balance of Almost $300 Million City Spending Again Outpaces Revenues for the Fiscal Year August 27, 2019 —FY2019 revenues are estimated at $4.742 billion and expenditures are estimated at $4.833 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the fourth quarter (period […]
