Philadelphia Ranks Near Bottom in Reserve Funds, Fund Balance when Compared with Other Cities
The City of Philadelphia ranked near the bottom in General Fund balance and reserve funds when compared with other cities, a PICA analysis found, in a report released today. In FY2020, the most recent year in which audited data were available, the City ranked 16th out of the 18 cities considered in reserve funds, and 14th out of 18 in fund balance, when both of those measures were analyzed as a percent of each city’s total obligations for that fiscal year. Currently, Philadelphia has no reserve funds for unplanned contingencies and there are no planned contributions in the City’s Budget Stabilization Reserve Fund in the current five year plan.
For the full report, click here.
For the accompanying press release, click here.