PICA approves city's 5-year plan with concerns noted

The city's fiscal watchdog today approved the five year financial plan, while noting there are fiscal risks ahead.

The five-member board of the Pennsylvania Intergovernmental Cooperation Authority voted unanimously in favor of the city's plan. Board chairman Sam Katz did stress concerns about the city's underfunded pension plan and the pending switch to actual value real estate tax assessments.

"I'm uncomfortable with the fact that the long term problem of pensions is left largely undiscussed," said Katz.