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 […]
Monthly Tax Update for July 2019
Tax Collections Increase in First Month of Fiscal Year City Projects $3.636 Billion in Taxes for Fiscal Year 2020 The City collected approximately $253.3 million in General Fund tax revenue in July 2019 (the first month of the fiscal year), compared to $239.0 million in June 2018, an increase of approximately $14.3 million, or 6.0 […]
PICA Board Unanimously Approves City’s FY2020-FY2024 Five Year Plan
Kevin Vaughan Re-elected Chair of PICA Board July 16, 2019—The Board of the Pennsylvania Intergovernmental Cooperation Authority (“PICA”) today unanimously approved the City of Philadelphia’s Five Year Plan for Fiscal Years 2020-2024 (the “Plan”). In approving the Plan, the Board held that the assumptions and estimates in the City’s Plan were reasonable and appropriate, and […]
Monthly Tax Update for June 2019
Strong June Collections Drive Growth in FY2019 Collections Year-to-Date Collections Increase for Almost All Taxes The City collected approximately $210.4 million in General Fund tax revenue in June 2019, compared to $188.8 million in June 2018, an increase of approximately $21.6 million, or 11.4 percent, according to preliminary figures. Collections for every tax except the […]
