PICA's 2025 Fall Forum: Turning Cooperation into Growth

The growth of Philadelphia’s tax base is vital to its long-term fiscal stability. By aligning economic development efforts and investments across City government, other public agencies, and business and philanthropic partners throughout Southeastern Pennsylvania, the region can maximize its impact on future prosperity. PICA’s Fall Forum will highlight how city governments can strengthen economic development by uniting mission, vision, partnerships, and resources, drawing on successful models from other jurisdictions. Participants will hear concrete examples of cities collaborating with regional and state governments and private-sector actors to spur investment and growth that supports stronger future budgets.

Panelists will include:

• Marek Gootman, Non-Resident Senior Fellow, Brookings Metro
• Kate Wittels, Partner, HR&A Advisors
• Kevin Johnson, President & CEO, Detroit Economic Growth Corporation
• Mike Alexander, Chief Operating Officer, Atlanta Regional Commission
• Kenny McDonald, Former President and CEO, OneColumbus

When: Tuesday, October 28th, 2025

• Lunch provided at 11:30AM
• Panel discussion from 12:00PM to 2:00PM

Where: The Duke & Duke Boardroom

• 123 S. Broad Street, Philadelphia, PA 19109, 5th Floor

Making the Grade: Philadelphia Credit Ratings Affirmed in September 2025

Philadelphia’s credit ratings were reaffirmed at A1 by Moody’s and A+ by both S&P and Fitch—the highest the City has received in over 40 years, though still below most peer cities. Rating agencies highlighted strong reserves, declining debt, and the fiscal governance required under the PICA Act as key strengths, while noting long-term risks tied to pension funding, structural deficits, and a constrained tax base. The report encourages continued focus on building reserves, managing liabilities, and growing the local economy to secure potential future upgrades.

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

Philadelphia spent $313.7 million on General Fund overtime in FY25, exceeding the adopted budget by 10 percent and marking a nearly 19 percent increase over FY24. Major drivers included persistent public safety staffing shortages, emergency responses, and special events like the Eagles' Super Bowl run and the presidential election. While some departments like Police remained under budget, others—particularly Fire and Prisons—significantly overspent due to operational demands and mandated double-time pay.

Next PICA Board Meeting is October 21, 2025

The next PICA Board Meeting will be held on October 21, 2025 at 12:15PM in our office at 1500 Walnut Street, Suite 1600, Philadelphia, PA 19102 and online via Zoom. Registration is available below.

$122 Million

www.picapa.org