Summary
The PICA Board convened on December 7, 2018, to address financial changes necessitated by a recent District Council 33 arbitration award. Executive Director Harvey Rice presented the revised Five-Year Plan, which accounted for an additional $28 million in health and welfare costs. The Board reviewed the City’s allocation of $60 million to the pension fund, $30 million to capital projects, and $20 million to the Rainy Day Fund. The Board approved the revised plan unanimously, with discussions focusing on economic outlook risks and tax revenue trends. The meeting concluded with updates on PICA’s annual financial statement audit and City Council’s pending review of reserve fund policies.