Philadelphia’s finances are improving and are likely to continue doing so through 2019.
The Pennsylvania Intergovernmental Cooperation Authority (PICA) board made that optimistic determination Monday when it unanimously approved the city’s five-year plan.
The city’s fiscal overseers cautioned, however, that various risks were still associated with the Nutter administration’s long-term budget, including unresolved labor contracts, the School District’s fiscal crisis, and the pension fund.
Despite its concerns, PICA staff found enough good news in the five-year plan and in its most recent revenue reports to endorse that administration’s fiscal road map to 2019. So did the City Controller’s Office. Both the staff and the controller had recommended the opposite last year, for the first time in PICA’s history.