Financial Updates from FY24 and FY25 Q1, Tariffs and Philadelphia's Budget, Fact Sheets Beyond the General Fund

Higher spending and lower revenue projections in FY25 are possible due to $315M more in FY24 Fund Balance

First page of PICA FY25 Q1 Report on the City of Philadelphia Quarterly City Managers Report

FY25 Q1 Quarterly City Managers Report (QCMR)

Compared to the adopted FY25-29 Five-Year Plan, projections at the end of the first quarter of FY25 anticipate additional spending of $225M, bringing the total to $6.59B. Revenues of $6.26B are $16M less than earlier projections. Fund balance impacts of the expanded operating deficit are mitigated by a $315M boost to the FY24 year end fund balance due to underspending on personnel. The FY25 fund balance is projected to be $74M higher than the adopted. Improved fund balance is a positive, but the City should remain cautious of declining tax revenue paired with increased spending, particularly while reserves are below the GFOA-recommended level. This is the first PICA Staff Report on the QCMR to include reporting on the Housing Trust Fund, Transportation Fund, and Capital Fund.

FY25 Q1 Overtime Report

PICA’s FY25 Q1 Overtime Spending Report highlights rising costs, with Citywide overtime at $70.4M through FY25Q1 —a 10.7% increase from FY24 Q1. Persistent staff vacancies and expanded services are major drivers, especially in public safety departments.

PICA Fact Sheet: FY25 Q1 QCMR

PICA Fact Sheet: FY25 Q1 Overtime

Issue Brief: Tariffs and the Philadelphia Budget

DALLE genAI image with manufacturing inputs and outputs in escalating and declining charts symbolizing the impact of tariffs

Proposed new tariffs could impact Philadelphia's budget, affecting both revenue and spending. PICA's latest issue brief explores how these tariffs might impact fiscal health and highlights strategies the City could adopt to mitigate potential risks. Read our issue brief to see how Philadelphia can adapt for budget resilience!

Issue Brief: Tariffs and the Philadelphia Budget

Graphic created with ChatGPT's DALL-E and edited by Marisa Waxman.

Fact Sheet: Housing Trust Fund

A beige array of various housing types and a two car garage

PICA's Housing Trust Fund Fact Sheet provides an overview of Philadelphia’s dedicated funding for affordable housing. Established in 2005, the HTF supports initiatives aimed at housing stability, production and preservation of affordable units, home repairs, and essential housing services. Since FY14, funding has increased significantly, enabling a range of programs that assist low- and moderate-income households across the city. The fact sheet details how funds are allocated, the sources of HTF revenue, and future projections for sustaining affordable housing efforts.

Fact Sheet: Housing Trust Fund

Graphic created with ChatGPT's DALL-E and edited by Suzanne Staherski.

Fact Sheet: Grants Revenue Fund

Chart showing FY23 Grants Revenue Fund revenue by source of revenue

PICA's Grants Revenue Fund Fact Sheet provides an overview of Philadelphia’s dedicated fund for grant revenue. The Grants Revenue Fund (GRF) receives grant funding from federal, state, and other entities to fund essential services like child welfare, the behavioral health crisis lifeline, and juvenile justice services. In recent years, the GRF has also held and distributed Philadelphia's American Rescue Plan Act funds. The fact sheet details how the GRF relates to the City's General Fund, where its revenue comes from, and the particular challenges of spending grant awards.

Fact Sheet: Grants Revenue Fund

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.

PICA Tax revenue to Philadelphia in FY2025 YTD

$244 Million

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