Summary
The PICA Board convened on February 16, 2016, to address financial concerns, including the status of real estate tax appeals and pension system challenges. Executive Director Harvey Rice provided updates on revenue reports and expenditure trends. The Board approved the FY17 PICA Operating Budget, which included increased rent and employee benefits. A discussion followed on the City’s pension liabilities, where Board members debated solutions such as increased worker contributions and changes to pension fund governance. The Board approved a resolution encouraging the City to adopt pension reforms, acknowledging concerns about the system’s sustainability. The meeting concluded with an update on anticipated costs for the Democratic National Convention.