The City Treasurer’s Office (CTO) manages the custodial banking of all City funds by encouraging standards and practices consistent with safeguarding City funds and aims to maximize the amount of cash available for investment after meeting daily cash requirements. The CTO serves as the disbursing agent for checks and electronic payments from the City.
Philadelphia Code compliance
The Philadelphia Code is the comprehensive revision, codification, and compilation of all the general legislative approved ordinances of the City.
Pursuant to the provisions of Section 6-300 of the Charter, the City Treasurer is authorized to deposit City funds in the banks or institutions as authorized in Chapter 19-201 of the Philadelphia Code.
This investment policy establishes guidelines for the administration and management of all City investments, except for the following:
- City’s Municipal Pension Fund
- Philadelphia Gas Works (PGW) Retirement Reserve Fund
- PGW OPEB Trust
- PGW Workers’ Compensation Reserve Fund
Annual authorized depository lending practices studies
The City of Philadelphia is committed to ensuring that the institutions selected to be authorized depositories of City funds provide credit in a fair and unbiased manner to the citizens of Philadelphia.
The economic viability and competitiveness that City depositories can invoke are vital to strengthening, and providing opportunities within all areas of the city. In addition, the broad-based lending practices of all financial institutions conducting business in Philadelphia has the potential for positive impacts on:
- Stabilizing and growing the city’s tax base.
- Adding to the quality of life of its citizens.
- Supporting the Philadelphia region’s viability and competitiveness.
The City adopted legislation that requires the Office of the City Treasurer to commission an annual report to examine lending practices of authorized City depositories for the City of Philadelphia. The report includes a comprehensive analysis of home lending, small business lending, and branching patterns, as well as measurement of the community reinvestment and fair lending performance of banks authorized to receive City deposits under Chapter 19-201 of the Philadelphia Code.
Depository reinvestment goals
In January of each year, an authorized city depository must provide the City with its annual statement of community reinvestment goals. Providing the statement of community reinvestment goals to the City is a legislative requirement of the Philadelphia City Code.
- Bank of America
- Citizens Bank
- Fulton Bank
- PNC Bank
- Santander Bank
- United Bank of Philadelphia
- US Bank
- Wells Fargo