Summary
The PICA Board convened on April 21, 2015, to assess City finances and discuss budgetary planning. Executive Director Harvey Rice provided updates on investment portfolio adjustments, PICA’s annual audit process, and the ongoing LIBOR litigation, which was recently dismissed in trial court and appealed. The Board reviewed the Five-Year Plan review process, noting that City departments were submitting financial data and responding to PICA inquiries. Pension funding challenges were also discussed, including changes in actuarial assumptions and the varying impact on different City unions. The meeting concluded with a discussion of the School District’s funding needs, real estate tax proposals, and capital borrowing schedules.