PICA Board Unanimously Approves City of Philadelphia’s FY2018 to FY2022 Five Year Plan

Kevin Vaughan Re-elected Chair of PICA Board

 July 18, 2017— The Board of the Pennsylvania Intergovernmental Cooperation Authority (“PICA”) today unanimously approved the City of Philadelphia’s Five Year Plan for Fiscal Years 2018-2022 (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 Staff recommended approval of the Plan, based on the following:

• Preliminary revenue results for FY2017 suggest another year of solid performance for most taxes.
• The City is continuing to manifest signs of continued economic expansion since the end of the recession, while continuing to implement certain reforms in order to increase tax competitiveness.
• The City has set aside a $200 million provision to fund upcoming labor costs, as well as a $274.6 million contingency should the City lose grant funding as a result of federal and state actions; both provisions had been previously recommended by PICA.

For the full report, click here.

For the accompanying press release, click here.