Summary
The PICA Board convened on August 31, 2016, to review and approve key financial oversight measures. Executive Director Harvey Rice reported that the City’s Five-Year Plan included a $328 million reserve but still faced significant risks from rising pension obligations. Board members debated the sustainability of the City’s pension contributions, questioning whether labor agreements adequately addressed long-term funding gaps. The Board approved the Five-Year Plan but requested a future meeting focused on pension challenges. Additional discussions covered AVI implementation, real estate tax collections, and the economic impact of the Democratic National Convention. The meeting concluded with a review of investment earnings and updates on the City’s labor contract negotiations.