Public finance firm, PFM, announced today that Matthew Stitt will join the Management and Budget Consulting practice as a Director and first National Lead for Equitable Recovery and Strategic Financial Initiatives. Stitt has served as Chief Financial Officer for the City Council of Philadelphia since 2016, leading the annual review of the City’s operating and capital budgets and strategic plans, as well advising on all fiscal matters related to proposed legislation and key initiatives.
“Matt joins our team at a critical moment, as local and state governments across the country face a once-in-a-generation financial, public health, and economic crisis. His leadership, experience, and creativity will be instrumental as we work to help cities recover and emerge from this period stronger, more resilient and more equitable,” said Michael Nadol, Managing Director and President of PFM Group Consulting, and former Deputy Mayor for the City of Philadelphia.
In his role at PFM, Stitt will advise public sector leaders on structural changes and budget reforms to address the financial and economic crisis caused by COVID-19 – with a particular focus on applying an equity lens to solving governing challenges.
“For more than eight years, I’ve had the opportunity of working with Council members and City staff to develop creative solutions to decades-long issues and inequities so that all communities across Philadelphia have a chance to thrive,” said Stitt. “A national leader in their work with local governments facing serious economic and fiscal challenges, PFM provides me with the chance to share my diverse experience and insights around budget, operations and policy for the betterment of more communities across the country."
“Matt Stitt served with distinction, energy and real substance as City Council’s Chief Financial Officer these past four years. His advice and counsel to me personally and to Council more broadly on all our budgetary and finance challenges will be missed. PFM is gaining a strong and willing financial and budgetary adviser who will help the firm grow and serve its clients well,” said Council President Darrell L. Clarke.
As the finance lead on City Council’s senior staff, Stitt was responsible for advising on the annual adoption of Philadelphia’s $10.9 billion operating and $3.4 billion capital budgets (All Funds), evaluating major strategic initiatives in areas such as tax policy, school funding, and pension reform, managing the City Council Finance and Budget Team, and acting as a liaison for certain, high-profile, State and Federal budget matters.
“Matt is one of the brightest young minds in city government. He brings a fresh perspective and innovative approach to governmental interaction and problem-solving. He has a sharp analytical focus that served him well in addressing complicated financial problems while offering workable solutions that diverse and oftentimes competing interests could agree on,” said Harvey Rice, Executive Director of the Pennsylvania Intergovernmental Cooperation Authority (PICA).
Stitt served as the Council appointee on a number of boards and committees, including the City’s Board of Pensions and Retirement, COVID-19 Recovery Steering Committee, Intergovernmental Reconciliation Task Force, and the Philadelphia Accelerator Fund promoting innovative funding approaches for affordable housing and community development.
“As Executive Director of the Philadelphia Board of Pensions & Retirement, I have had the pleasure to work closely with Matt over several years. Matt’s depth of knowledge of municipal finance, the political process and public pensions was crucial in assisting the facilitation of recent landmark public pension reforms enacted by the City of Philadelphia. Matt’s professionalism and finance acumen were a great asset to the Trustees of the Board of Pensions and to the City of Philadelphia,” said Francis Bielli.
A 2009 graduate of Haverford College, Stitt received an Executive Master of Public Administration (MPA) and Certificate in Public Finance in 2012 from the University of Pennsylvania’s Fels Institute of Government, where he is currently an adjunct professor. Stitt received an Executive Master of Business Administration (EMBA) from Temple University’s Fox School of Business in 2018.
At PFM, over 600 employees - asset managers, financial advisors and consultants - partner with clients in every region of the country to transform their world. We combine superior financial advice, disciplined management and ingenuity to build, power, move and educate.
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