Sam Katz won't be making a fourth run for mayor but the Republican-turned-Democrat will have his eye on the city's budget for the foreseeable future, now that Gov. Corbett has appointed him to the Pennsylvania Intergovernmental Cooperation Authority (PICA).
PICA, created in 1991 by the state in the middle of a severe financial crisis in Philadelphia, has oversight responsibility for the city budget. You can read more about its authority here.
"Sam Katz is a proven civic leader whose well-established financial expertise will clearly benefit the authority and the city," Corbett said in a news release this morning. "With Sam’s knowledge and leadership, the authority will provide strategic guidance in helping Pennsylvania’s largest city return to fiscal health."
Katz flirted with a primary election challenge to Mayor Nutter late last year, urged on in large part by former Mayor John Street, but ultimately decided against it. After the jump, you can read Corbett's full news release, including comments from Katz.
March 1, 2011
Governor Corbett Appoints Sam Katz to Pennsylvania Intergovernmental Cooperation Authority
Harrisburg – Governor Tom Corbett today appointed Sam Katz of Philadelphia to the Pennsylvania Intergovernmental Cooperation Authority, or PICA, the state panel that provides financial oversight for the City of Philadelphia.
“Sam Katz is a proven civic leader whose well-established financial expertise will clearly benefit the authority and the city,” said Gov. Corbett. “With Sam’s knowledge and leadership, the authority will provide strategic guidance in helping Pennsylvania’s largest city return to fiscal health.”
“I am honored by Governor Corbett's confidence in me and very pleased to have been selected to serve at this critical time in Philadelphia's fiscal history. I look forward to working with the other PICA Directors, with the PICA staff, with city officials, the General Assembly and the Corbett Administration to assure that the oversight entrusted in PICA and the long-term fiscal health of our city are made our top priority,” Katz said.
“Philadelphia again finds itself in a precarious financial moment. For too long, Philadelphia financial problems have been left untended in the hopes that a better day would arrive. The runway for that better day keeps getting shorter. I hope to use my experience in public finance and the city's fiscal affairs to work with others of a like mind to shape city fiscal planning and policy towards a stable and healthy future,” Katz added.
PICA was created in 1991 to provide assistance to the City of Philadelphia in overcoming a severe financial crisis. PICA has the authority to exercise certain advisory and review powers with respect to the city's financial affairs, including the power to review and approve five-year financial plans. The most recent one covers fiscal years 2010-2014.
Katz, a well-known business and civic leader in the Philadelphia region, has more than 35 years of experience, including as an investor and financial adviser. He has an extensive background in municipal and project finance, project and strategic consulting, private equity/venture capital, government, politics and civic affairs. Among other projects, he is currently producing a documentary film on the history of Philadelphia.
Katz, 61, has formed and managed numerous businesses. He also led a coalition of business, insurance and healthcare interests in a successful effort to reform Pennsylvania’s medical malpractice liability laws.
In the past, Katz has been a Republican candidate for mayor of Philadelphia and also ran for governor. He holds degrees from the Johns Hopkins University and the New School University.
Katz and his wife, Connie, have been married 38 years and live in the city’s West Mount Airy section. They have four adult children.