Summary
The PICA Board convened on April 18, 2017, to assess the financial outlook for the upcoming fiscal years. Executive Director Harvey Rice provided updates on bond ratings, reporting that Moody’s and S&P had affirmed PICA’s AAA rating. City officials presented the Five-Year Financial Plan, highlighting risks associated with pension costs, labor contract negotiations, and economic uncertainty. Board members raised concerns about the low fund balance projections and the potential for federal funding cuts. Additional discussions included the Boston College DROP pension study and the status of ongoing departmental budget reviews. The meeting concluded with updates on real estate tax appeals and the City’s infrastructure investment plans.