The Intergovernmental Cooperation Authority for Harrisburg Accepts Five-Year Financial Plan for 2021
Harrisburg, Pennsylvania – The Intergovernmental Cooperation Authority for Harrisburg (the Authority) has approved the submission of the City of Harrisburg’s Five-Year Financial Plan for 2021. The document was approved on July 8, 2021, despite the current debate between Mayor Papenfuse and City Council regarding the settlement with Ambac over the outstanding debt held by the City. The plan approved by the Authority Board likely represents the final plan of the Papenfuse administration.
While there was much discussion by the Board on the refinancing and defeasing strategy laid out in the Five-Year Financial Plan, Mayor Papenfuse requested that the Plan remain as presented.
In correspondence transmitted by Board Chair Audry Carter, the Authority laid out concerns on the final submission:
- The final amended and restated plan document places too much emphasis on the next administration;
- Concern remains with the stability of the Neighborhood Services Fund;
- The absence of an Economic Development Strategic Plan is a matter of concern;
- The Authority Board is concerned that the delays in establishment of the OPEB Fund may cause fiscal stresses that overshadow the significant unfunded liability of Other Post-Employment Benefits themselves
Chair Audry Carter shared that the ICA “looks forward to continuing to work collaboratively through the end of the Papenfuse administration.” She adds that s. “given the mid-year FY21 financials, we are optimistic that the FY21 budget complemented with ARPA funding initiatives puts Harrisburg’s future in a promising position.”
The full report can be found at the ICA website, www.hbgica.org or by clicking on this direct link: https://hbgica.org/download/699/
About the ICA
The Intergovernmental Cooperation Authority for Harrisburg (ICA) is a public authority and instrumentality of the Commonwealth of Pennsylvania. The ICA was created for the general purpose of fostering the fiscal integrity of the City of Harrisburg, pursuant to the Intergovernmental Cooperation Authorities Act for Cities of the Third Class (Act of October 24, 2018, P.L. 751, No. 124).
The Intergovernmental Cooperation Authority for Harrisburg (ICA) was created by an act of the General Assembly. The Authority, composed of members experienced in finance and management, advises the City of Harrisburg, the General Assembly, and the Governor concerning solutions to fiscal problems the City of Harrisburg may face.
The powers and duties of the Authority are exercised by a governing board, composed of five appointed members. The current four members are residents of the city and/or have their primary place of business or employment in the city. In addition, there are two ex officio, non-voting members of the board representing the City and the Secretary of the Budget.
The governing board of the ICA retains an Authority Manager and Independent General Counsel to assist them in their mission.
If you have any questions about the ICA, please contact Authority Manager Jeffrey Stonehill at email@example.com.