Matthew Stitt, the Philadelphia City Council’s chief financial officer, will join the public finance firm PFM as director and national lead for equitable recovery and strategic financial initiatives, the firm said on Thursday.
In his new role at PFM, Stitt will advise public sector leaders on changes and budget reforms to address the financial and economic crisis caused by COVID-19.
Stitt had served as the city council's CFO since 2016. As the finance lead on the council’s senior staff, he was responsible for advising on the annual adoption of Philadelphia’s $10.9 billion operating and $3.4 billion capital budgets, evaluating strategic initiatives in areas such as tax policy, school funding and pension reform, managing the council's finance and budget team, and acting as a liaison on certain state and federal budget matters.
“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,” said Michael Nadol, PFM managing director and former deputy mayor in Philadelphia. "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.”
Stitt was also the Council appointee on several boards and committees including the city’s Board of Pensions and Retirement, the COVID-19 Recovery Steering Committee and the Philadelphia Accelerator Fund, which promotes innovative funding approaches for affordable housing and community development.
“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,” Stitt said. “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."
Philadelphia City Council President Darrell Clarke commended Stitt’s work over the years.
“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,” Clarke said.
“As Executive Director of the Philadelphia Board of Pensions & Retirement, I have had the pleasure to work closely with Matt over several years,” said Francis Bielli.
“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," Bielli said. Matt’s professionalism and finance acumen were a great asset to the Trustees of the Board of Pensions and to the City of Philadelphia.”
A 2009 graduate of Haverford College, Stitt received an executive master of public administration and certificate in public finance in 2012 from the University of Pennsylvania’s Fels Institute of Government, where he is currently an adjunct professor. He received an executive master of business administration from Temple University’s Fox School of Business in 2018.
