PICA staff reports that in the City’s Quarterly City Manager’s Report (QCMR) for the second quarter of  FY16, the City’s projected Fund Balance is $15.9 million higher than projected in the FY16-20 Five Year Financial Plan. This represents a projected increase of $3 million from the first quarter QCMR. Additionally, FY16 Genereal Fund tax revenue is projected at $2,934.7 million, $22.4 million higher than the Plan, driven by strong sales and real estate transfer tax revenue.

Yet the higher-than-projected Fund Balance and strong tax performance is offset by Genereal Fund Obligations projected at $4,042.4 million, $44.3 million higher than projected in the plan. The increase reflects $16.9 million in General Fund costs related to the Papal visit, $8.2 million more than projected reimbursements for the event.

PICA’s Staff Report also tracks performance measures across key City departments and identifies key financial and management issues. Generally, PICA reports a positive increase in departmental performance as compared to FY2015, and the City has made progress in addressing management issues such as overtime and leave usage. Yet EMS response times in Philadelphia continue to lag well below national standards and an increased Pension Fund contribution continues to present a financial management challenge. For the full report click here.