The City’s Pension Fund is only 45.3% funded with unfunded liability of $6.2 billion. Pension-related costs currently take up 15% of the City’s General Fund budget. With limited budgetary resources and competing priorities, as well as growing pension costs, the need to stabilize and improve the fiscal health of the Pension Fund to ensure benefits are available for current and future pensioners is great. As part of her due diligence as a trustee of the Board of Pensions and Retirement, Controller Rebecca Rhynhart, with support from her staff, analyzed the Pension Fund’s stability and its capacity to meet future obligations, evaluating the current investment strategy and the reasonableness of the assumed rate of return.
Learn more about the City’s Pension investment strategy with this quick guide.
The Controller’s Office is an important part of Philadelphia City government, serving as the chief auditor for the City of Philadelphia and the financial auditor for the Philadelphia School District, performing audits to ensure they are operating efficiently, effectively and appropriately.
Check out this quick guide to learn about the auditing process.
The Office of the City Controller released the Report on Internal Control and On Compliance and Other Matters Fiscal Year 2017, finding that the City had two material weaknesses and eight significant deficiencies in its internal control over financial reporting. The material weaknesses resulted in $33 million being unaccounted for in the City’s largest cash account and $924 million in undetected material misstatements that occurred in the preparation of the City’s financial reports.
Learn more about this report and how Philadelphia stacks up compared to other cities in our quick guide.
The City Controller’s Office released a policy analysis of the City of Philadelphia’s Ten-Year Tax Abatement, which provides a 100% tax benefit for new construction and the value of improvements or conversions to existing properties. The analysis included data around the concentration and distribution of abated properties by geography and value, the profitability of development in Philadelphia, and scenarios presenting and evaluating six hypothetical changes to the policy.
Read the quick guide to learn more about our analysis of the Ten-Year Tax Abatement.