July 19, 1994 |
Ronald G. Henry, executive director of the state board overseeing Philadelphia's finances, has resigned effective early next month. The Pennsylvania Intergovernmental Cooperation Authority was established by the state Legislature in 1991 in response to Philadelphia's financial crisis. It issues bonds on the city's behalf and regularly monitors its finances. "It's been three years, and I've largely accomplished what I set out to do," Henry said yesterday, "to help PICA get organized, to help the city get through its financial crisis, and set up a structure to promote fundamental institutional change.
July 25, 2011
SOMEONE alert the academy! It's Our Money is making a summer blockbuster movie. It's called "PICA 2011: Judgment Day. " Here's our tagline: In a world of many fiscal dangers, one city budget fights to survive. The plot? Tomorrow, the Pennsylvania Intergovernmental Cooperation Authority, also known as PICA, will vote on whether to approve the city's five-year plan. PICA's job is to make sure the city has enough money to cover the spending it projects over the next five years.
March 12, 1992 |
Memo from the state fiscal oversight board to Mayor Rendell: Get out your pencils and calculator and do some more homework on your five- year plan. The response of the mayor and his financial advisers to the Pennsylvania Intergovernmental Cooperation Authority's first evaluation of his plan to make the city solvent? No problem. "I accept their assessment; they have legitimate questions," Rendell said. Those questions - contained in a five-page memo released by PICA yesterday - cover matters like the $400 million the administration wants PICA to borrow on the city's behalf and how the city will use some of it. The authority also wondered what calculations the city used to forecast its revenue and proposed labor and management savings over the next five years.
January 19, 2011 |
James Eisenhower, Gov. Ed Rendell's appointee as chairman of the Pennsylvania Intergovernmental Cooperation Authority, stepped down Tuesday as Gov. Corbett was sworn in. PICA is the state-appointed board that oversees Philadelphia finances. It was created in the early 1990s during the city's fiscal crisis, and requires each mayor to submit a five-year budget plan for approval by the board. In his final meeting, Eisenhower said he was optimistic about the prospects for a comprehensive study of the city's firefighting needs - meaning the Nutter administration and the city firefighters union may be able to agree on its parameters.
September 16, 1992 |
District Council 47 president Thomas Paine Cronin was briefly detained by city police yesterday after a lunchtime demonstration against the state panel overseeing the city's finances. Cronin and his union of white-collar city workers were protesting comments made last week by members of the Pennsylvania Intergovernmental Cooperation Authority. While dozens of picketers protested outside of PICA's offices on Walnut Street near Broad, Cronin and five other union members occupied the agency's suite of offices and refused to leave until board members apologized for the remarks.
November 21, 1996 |
So you think the city budget is balanced? Not so fast, says the state agency overseeing city finances. In a report yesterday, the Pennsylvania Intergovernmental Cooperation Authority said it would be "incorrect and dangerous" to believe that the city's "revenue structure is sufficient to maintain city services. " That despite the city's audited statement for the most recent fiscal year showing a $118 million surplus. PICA warned that when adjusted for inflation, the city's tax base has been shrinking since 1988, and that "budgetary balance at present expenditure levels cannot be maintained in a declining economy.
December 12, 1991 |
Empty pleasantries and a fond farewell were all the board overseeing city finances expected yesterday when it asked City Finance Director David Brenner to say a few words. Instead, Brenner delivered a bitter tongue lashing that left members of the Pennsylvania Intergovernmental Cooperation Authority speechless - until one of them bit back. "I have not enjoyed the experience," Brenner told the board at the last meeting he'll attend as an ex-officio, non-voting member. "From day one, you exhibited a lack of trust in me or anyone connected with the city.
December 8, 1992 |
The state agency overseeing city finances is scheduled to give city officials their first report card tomorrow, and the grade apparently will be much better than the agency's staff originally planned. After protests by the Rendell administration, the Pennsylvania Intergovernmental Cooperation Authority is toning down a caustic draft report that blistered city officials' progress in making the city fiscally solvent. The draft of the PICA analysts' report - obtained by the Daily News - shows that the authority's staff wanted to give an "F" to the administration for its efforts to cut costs and improve worker productivity to balance the city's budget.
June 29, 2009
I WANT TO correct a few inaccuracies in your June 23 editorial ("We Want the Bad News, Too"). Foremost is your assertion that "PICA ruled that the city didn't need to submit [Plan B], too. " In fact, as reported in your own paper, the board requested that the mayor submit a five-year plan for PICA's review by June 22. As in every year since 1992, PICA did not dictate what the city should submit, save that it be a plan the city believes meets the statutory requirement of a five-year balanced budget using reasonable assumptions.
February 10, 1993 |
A multimillion-dollar cloud hangs over the city's budget and it's making the special state agency overseeing city finances impatient. Members of the Pennsylvania Intergovernmental Cooperation Authority think an arbitration panel is taking all too long to decide on a new contract for city police. The firefighters' panel has suspended proceedings pending a decision on a police contact. "The silence is deafening," said PICA member John Egan, noting how no final budget can be decided until the city knows how much it will have to spend on police and fire protection.