Summary
The PICA Board convened on December 1, 2020, with discussions focused on financial oversight and investment decisions. Executive Director Harvey Rice presented updates on City fund balances, revealing that CARES Act funding helped increase reserves to $95 million. The Board approved Resolution 2021-08, terminating Basis Cap investments, which generated an immediate cash benefit while eliminating exposure to financial market risks. Additional discussions covered the City’s overtime costs, particularly in departments with significant overruns. Board members raised concerns about accountability in managing payroll expenses and emphasized the need for clearer action plans to control excessive overtime spending.