FY24 Wrapped, Checking in on the FY25-29 Five-Year Plan, PhillyStat 360 and Retail Recovery

As Spotify Wrapped offers a reflective glimpse at our musical habits, Philadelphia's FY24 Year-End Transfer Ordinance (Bill No. 241084) presents the fiscal equivalent—an accounting of

adjustments to close out the fiscal year. Here's how the City wrapped up its FY24 financial playlist, hitting the right notes to document spending appropriately in its budget.

ICYMI: PICA Staff Report on The City of Philadelphia's FY25-29 Five-Year Plan

PICA's Staff Report on the FY2025-2029 Five-Year Plan has all the fiscal highlights, and details, on the City of Philadelphia's fiscal trends, plans, and projections for fiscal years 2025 through 2029:

• Fiscal indicators gauging the City's fiscal health over time.
• A look back at the City's revenues, with trends and volatility measures for major revenue sources and each of the City's taxes.
• A look back at the City's spending, broken down by Fund and budget class.
• The Plan's General Fund spending projections, broken down by Fund and budget class.
• The Plan's General Fund revenue projections for major revenue sources and each of the City's taxes.
• Comparisons of the City's projected fund balances, internal fund balance goals, and Government Finance Officers Association recommended levels.
• Potential risks to the FY25-29 Five-Year Plan.
• Summaries of trends and projections for other funds covered by the PICA Act: The Capital Fund, the Housing Trust Fund, and the Transportation Fund.

In the months since the Plan was adopted by the City and approved by PICA's Board, there have been a few relevant developments:

• After closing the books on FY24, the FY24 year end General Fund balance was $315 million higher than previously projected, largely due to underspending related to staffing challenges.
• The City intends to use the boosted FY24 General Fund balance to add $225 million additional spending in FY25, and raise the projected FY25 year end General Fund balance by $74 million to $643 million.

PhillyStat360

This week the City of Philadelphia launched it's Philly Stat 360 website. The City's Quarterly City Managers Reports and Five-Year Plan include extensive lists of performance measures for each program within a City department. PhillyStat360 takes some of the most significant performance measures, groups them by subject, and provides an easy to digest way to get a sense of how well the City is performing in different areas.

Location? Location. Location!

This month CBRE, an international commercial real estate firm, used cluster analysis to map and define Philadelphia retail submarkets, showing how retail rents have changed since 2019. They found that retail rent growth in Center City outpaced both the Philadelphia submarket and the broader national market. As retail corridors continue to recover from the impacts of the pandemic, this map "illustrates continued strong demand for city living and proximity to amenities and provides a window into how post-pandemic consumer preferences are reshaping urban retail environments."

PICA Board Meeting: January 21, 2025 @ 12:15PM

The next PICA Board Meeting will be held on January 21, 2025 at 12:15PM. Members of the public are invited to attend either virtually, or in person at our Walnut Street office. Registration is open now! The agenda will be published one week prior to the meeting.

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