PICA just released a brief staff analysis of the City of Philadelphia's FY2023 Annual Financial Report.
Some Key Takeaways:
-The fund balance is about $300M more than in the PICA-approved FY24-28 Five-Year Plan.
-The fund balance is 16.2% of revenues, nearing the GFOA recommendation of 16.7%.
-Over the last decade, fund balances have been 62% higher than Q4 projections, on average.
Read the full report here.
Future staff breakdowns of Annual Financial Reports can be found here.