All PICA Board Members Have Been Reappointed

In accordance with the PICA Act, PICA's appointing authorities have reappointed all five PICA Board Members to another term. PICA's Executive Director must be reappointed on a biennial basis, and Executive Director Marisa Waxman has been reappointed as Executive Director for another two year term.

Philadelphia's Budget Classes

The City of Philadelphia organizes its operating expenditure by grouping similar expenditures together into distinct classes. There are nine classes, running from Class 100 (Personal Services) to Class 900 (Advances and Reserves).

These classes are important because the annual budget passed by City Council appropriates money by department, fund, and class. Departments must align spending with the allocation for each class, in addition to the total departmental budget set by the Mayor and Council. A department cannot choose, for example, to spend funds intended for employee salaries and benefits (Class 100) on new office chairs (Class 300/400).

As we head into the FY26 budget season, these fact sheets provide an overview of the role that each of the classes play in the City's budget, and how spending has changed in the last decade.

What We're Reading

Tax-exempt bond issuance is the main tool that cities in the United States use to fund long-term capital investments like fire stations, libraries, roads, and pipes.

In the fiscal crisis of the early 1990s, the City of Philadelphia lost access to tax-exempt bonds. In the midst of a dire cashflow crunch, investors did not trust the City's assurances that their investments would be repaid with interest.

PICA was created to restore trust between the City and financial markets. The issuance of PICA bonds to backfill emergency capital needs and creation of clear standards for the City's revenue projections and financial reporting helped restore that trust and the City's access to capital markets for infrastructure financing.

The Government Finance Officers Association (GFOA) recently issued a primer on tax-exempt bonds as the 119th Congress begins its work in Washington D.C. This resource dives into the issuance of tax-exempt bonds and their eligible uses for a detailed look at the cornerstone of municipal infrastructure financing.

PICA Board Meeting: February 25, 2025 @ 12:15PM

The next PICA Board Meeting will be held on February 25, 2025 at 12:15PM. Members of the public are invited to attend either virtually via Zoom, or in person at our Walnut Street office. Registration is open now! The agenda will be published one week prior to the meeting.

$400 Million

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