Title
Authorizing the Committee on Fiscal Stability and Intergovernmental Cooperation to hold quarterly hearings that include monthly reporting requirements, to discuss the fiscal position and overarching social impact goals of the City, including and as related to the Five-Year Plan and the reporting requirements set forth in the Quarterly City Manager's Report ("QCMR") and as submitted to the Pennsylvania Intergovernmental Cooperation Authority ("PICA").
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WHEREAS, The City Council of Philadelphia recognizes the ongoing need for fiscal oversight and transparency in the post-pandemic era, as the city continues to navigate economic challenges and recovery efforts, while maintaining policies that are fiscally sound and equitable for all; and
WHEREAS, The City has seen significant changes in its fiscal landscape, including the allocation of the $1.4 Billion in American Rescue Plan (ARP) funding, which replaced lost revenue following the pandemic and must be spent down by the end of December 2024; and
WHEREAS, ARP funding approaches depletion, it is imperative that the City Council maintains vigilant oversight of the budget to ensure continued fiscal stability and effective allocation of resources; and
WHEREAS, The Pennsylvania Intergovernmental Cooperation Authority (PICA) continues to play a vital role in overseeing the City's financial planning and reporting, as established by the Intergovernmental Cooperation Agreement signed in January 1992 and reauthorized by bipartisan legislation in 2022 to extend the agency's oversight through at least 2047; and
WHEREAS, The City's Five-Year Plan, as required by PICA, outlines crucial financial projections and strategies that demand regular review and assessment to ensure alignment with the City's evolving needs and goals; and
WHEREAS, The ongoing process of gathering information about the fiscal health and social progress of the City remains essential for City Council to make informed decisions during budget seas...
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