August 31, 2016 Board Meeting Minutes

Publication Date: August 31, 2016

Author(s)

Deidre Morgenstern, PICA

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​.