City Treasurer

The City Treasurer's Office is the part of Philadelphia government that holds, moves and borrows money. Its mission is "to safeguard City funds, serve as the disbursement agent for all City-related payments, and invest excess funds to meet daily cash requirements," and it manages new and outstanding debt under the City's debt-management policies to improve and maintain credit ratings.^[1] The Treasurer was once an elected official, but the 1951 Home Rule Charter recommended making it appointive, and a Council ordinance of October 16, 1953 provided that the Treasurer is appointed by the Director of Finance with the Mayor's approval.^[2] The Treasurer reports within the Finance cluster. As of March 2026 the Treasurer was Jackie Dunn.^[1]

1 Cash management and banking

The Treasurer's Office reconciles all 63 centrally managed bank accounts, invests cash to preserve principal and maintain liquidity, and provides departments with banking and treasury tools. It is expanding the purchasing-card (P-Card) program with Finance and the Procurement Department and pursues funds owed to the City that were escheated to the Commonwealth of Pennsylvania.^[1] The Office works daily with the Finance Director on cash and investments, including state and federal money that flows through City accounts, so delays in payments from Harrisburg or Washington can force changes in cash strategy. Professional-services contracts for investment management, legal counsel and an annual lending study account for most of its non-personnel spending.

2 Debt and credit ratings

According to the Treasurer's testimony, the City's general obligation bonds were rated A1/A+/A+ by Moody's, S&P and Fitch, "the highest combination of City ratings in decades," with Moody's outlook positive and the others stable. Water and wastewater bonds carry the same ratings; Philadelphia Gas Works is rated A3/A/A and the Philadelphia International Airport A1/A+/A+.^[1] The upgrades followed pension reforms and reserve building (see Board of Pensions and Retirement). Ratings matter because they set the interest cost of the City's borrowing for streets, facilities and water infrastructure. The Treasurer also monitors the debt portfolio for refunding opportunities that cut debt service.

3 Sinking Fund Commission

The Sinking Fund Commission, whose executive director is the Deputy Treasurer for Debt Management, administers payment of principal and interest on the City's general obligation debt. For FY27 the Treasurer's testimony proposed a Sinking Fund budget of about $430.9 million, of which about $241.2 million was debt service and $189.7 million purchase of services; Council's adopted appropriation was about $421.9 million.^[1][3] A portion of the City's General Fund pays this debt service. The Five Year Plan notes that a legacy pension obligation bond balloon payment drives a $64 million spike in debt service in FY29, which pushes the fund balance to a low point.^[4]

4 FY27 plans

In the second half of FY26 the Treasurer planned to issue the first $400 million in Housing Opportunities Made Easy (H.O.M.E.) bonds, supporting the Mayor's plan to create or preserve 30,000 housing units, and a fourth $50 million Neighborhood Preservation Initiative transaction. In FY27 the Office planned about $200 million in Philadelphia Municipal Authority bonds and $400 million in Water and Wastewater Revenue bonds.^[1] The Philadelphia Housing Development Corporation and the Division of Housing and Community Development are among the agencies that use these funds.

5 Budget and oversight

The Treasurer's General Fund budget for FY27 was proposed at $5,384,350 (23 positions; 21 filled in November 2025; average salary $88,377), mostly for professional services.^[1] The Office is not directly affected by changes in state and federal funding. Borrowing requires Council authorization through bond ordinances, and the City Controller and the Pennsylvania Intergovernmental Cooperation Authority review City finances. Residents interested in bond documents can find official statements on the City's investor-relations pages and on EMMA, the municipal securities database.

See also: Finance Department, Philadelphia City Budget Process, PICA, How to Read the City Budget.

References

1. City Treasurer's Office and Sinking Fund Commission, "Fiscal Year 2027 Budget Testimony," March 24, 2026 (phlcouncil.com).
2. City of Philadelphia, "City Treasurer's Office: History" (phila.gov).
3. City of Philadelphia, Fiscal Year 2027 Appropriation Ordinance, items 2.44 and 2.46 (phila.gov).
4. City of Philadelphia, The Mayor's Operating Budget in Brief for Fiscal Year 2027, Introduction (phila.gov).