Summary
The PICA Board convened on January 19, 2016, to discuss long-term financial planning and revenue performance. Executive Director Harvey Rice provided updates on tax revenue reports and PICA’s quarterly financial reviews. Finance Director Robert Dubow reported that the City’s pension fund had returned only 1.8% in the previous fiscal year, well below its target, prompting discussions on investment strategy adjustments. The Board also reviewed the transition to program-based budgeting, with new budget requests requiring justification based on the Mayor’s policy goals. Discussions included concerns over unresolved property tax appeals and the financial impact of delays in state budget approvals. The meeting concluded with a motion to monitor the pension fund’s investment strategy more closely.