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Finance director and PICA warn progress but urge caution as committee reviews city's fund balance
Summary
At a hearing on resolution 240,886 the city's finance director reported an unaudited FY25 fund balance of about $1.2 billion and projected FY26 balance near $640 million, while PICA urged more reserves and careful budgeting for new initiatives amid pension and federal funding risks.
City officials and the Pennsylvania Intergovernmental Cooperation Authority (PICA) told the Committee on Fiscal Stability that Philadelphia's fiscal position shows progress but faces non‑trivial risks.
Rob Dubow, the city's Finance Director, testified the unaudited FY25 general fund balance was "approximately $1,200,000,000," driven in part by unfilled positions and a lapsed federal reserve, but he warned those drivers are not fully recurring. Dubow said the projected FY26 fund balance falls to about $640,000,000 once those nonrecurring items and the end of American Rescue Plan Act cushions are considered.
Dubow told the committee the city has worked to fill many vacancies…
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