July 6, 2006 |
After patching a nearly $500 million hole in its five-year spending proposal, the Street administration received a stamp of approval yesterday from the state authority that oversees the city's finances. But although the five-member Pennsylvania Intergovernmental Cooperation Authority (PICA) approved the spending plan unanimously, it wasn't without a measure of reluctance. The administration's fiscal policies are "deplorable, especially in the long term," Chairwoman Lauri A. Kavulich said.
August 11, 2010
Philadelphia's state-appointed oversight board on Tuesday approved the city's five-year plan, officially capping the 2010-11 budget process. Without comment, the Pennsylvania Intergovernmental Cooperation Authority voted 4-0 to approve the plan, as required by state law. In its staff report analyzing the city?s finances, PICA warned that shortfalls in federally funded state assistance, dangerously thin fund balances, and unresolved labor contracts could throw the plan out of balance.
April 5, 2010
LAST WEEK, the city finally put a detailed version of Mayor Nutter's proposed budget online. The plan - at www.phila.gov - has more than 1,000 pages of information about how the city spends your tax dollars. That amount of data can be overwhelming, especially for people unfamiliar with city government. So what's a concerned citizen to do? A number organizations can help. The Pennsylvania Intergovernmental Cooperation Authority (www.picapa.org) puts out an excellent citizens guide. Also, the Committee of Seventy (www.
August 13, 2009
IN JULY, the city's fiscal watchdog, the Pennsylvania Intergovernmental Cooperation Authority (PICA), set a deadline of Aug. 15 for action on state legislation to help balance Philadelphia's municipal budget. Now, some state lawmakers want that deadline extended to Sept. 15. Sen. Dominic Pileggi, who is pushing for the change, says the state Senate needs more time to consider allowing the city to raise the local sales tax and delay contributions to the city pension fund. Without those changes, the city will lay off 3,000 employees, drastically cut services, and close numerous city facilities.
September 21, 1991 |
City Council is scheduled for a rare Saturday session today to make some progress on the city's financial problems. But don't expect to see a full house. The 1 p.m. Council session will likely draw just one or two Council members and last only a couple of minutes - as long as it takes Councilman John Street to introduce a piece of legislation. The legislation is a proposed agreement between the city and the Pennsylvania Intergovernmental Cooperation Authority (PICA), the agency set up by the legislature last June to help the city borrow money.
June 26, 1993 |
Economist Bernard Anderson, chairman of the Pennsylvania Intergovernmental Cooperation Authority, will be named by President Clinton to be secretrary for employment standards in the Labor Department. "I'm pleased to be nominated . . . and hope to perform at a high level of effectiveness," Anderson said. The announcement was made yesterday. Anderson, a professor of economics at the Wharton School, was elected PICA chairman in 1991. PICA oversees the city's fiscal health. Should he be confirmed by the Senate, Anderson, appointed to the PICA board by the governor, said he would have to resign "at the appropriate time" because he would no longer meet the requirement to live or work in Philadelphia.
January 19, 1994
The mayor says all Philadelphians helped the fiscal recovery by backing his belt-tightening at City Hall, leading last week to a no-new-taxes budget with promised improvements in city services. Among those Philadelphians, certainly, was Bernard E. Anderson, the former chairman of the state oversight agency that advanced the city $450 million to avert bankruptcy. As Mr. Rendell's third budget hit the presses, Mr. Anderson stopped by the Pennsylvania Intergovernmental Cooperation Authority (PICA)
April 23, 1993 |
Philadelphia's bond rating was increased one step by Moody's Investors Service yesterday, reflecting increased confidence in the city's fiscal stability. The rating, which was revised from B to Ba, still leaves the city's general-obligation bonds rated below investment grade. In announcing the new rating, Moody's said that "the Rendell administration has displayed a willingness and commitment to achieve long-term fiscal balance. " The report said that the cooperation between Rendell and City Council "has been essential to the city's success to date.
March 30, 2011 |
The chairman of the city's fiscal watchdog today questioned the property-tax projections in Mayor Nutter's five-year financial plan, which assumes that tax revenues are projected to remain the same after a temporary 10 percent increase was supposed to sunset. "The revenue estimates in the proposed plan are not based on currently proposed rates as set forth in the Real Estate tax rate bill approved by City Council last year," Sam Katz, chairman of the Pennsylvania Intergovernmental Cooperation Authority, wrote in a letter to Nutter and City Council.
March 4, 2011
JANNIE BLACKWELL is to be commended for resigning from the PHA board Wednesday. Her resignation follows a startling request from HUD for the entire board to resign so the agency can more easily dig into the troubled agency. It's unclear whether her fellow board members will follow suit when they convene today, but they should. While no one has suggested overt wrongdoing by the board, the fact that its control and oversight of since-ousted PHA director Carl Greene was so ineffective is cause enough.