PICA Board Approves City's FY2024-FY2028 Five-Year Plan

Kevin Vaughan Re-elected as Board Chair

The Board of the Pennsylvania Intergovernmental Cooperation Authority (PICA) at its Annual Meeting on July 25th, 2023 approved the City of Philadelphia’s FY2024-FY2028 Five-Year Financial Plan (the Plan). In approving the Plan, the Board held that the assumptions and estimates in the City’s Plan were reasonable and appropriate, and that the Plan projects positive year-end fund balances for the next five fiscal years.

PICA also issued its annual staff report on the Plan; the report identifies certain factors that might present risks to the Plan:

• A slower than projected rate of economic growth;
• the impact of gun violence and property crime on the City;
• low fund balance levels in later years of the Plan;
• pension funding; and,
• overtime costs.

For the full report, click here

In addition, the election for officers of the PICA Board was held. Kevin Vaughan was re-elected Chair, Alan C. Kessler, Esquire, re-elected Vice Chair, Michael Karp re-elected Treasurer/Secretary and Rosalind W. Sutch, elected Assistant Treasurer/Secretary.

Board Members:

Kevin Vaughan, Chair

Alan C. Kessler, Esq.

Patrick Burns

Michael A. Karp

Rosalind W. Sutch, CPA, MT

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