Summary
The PICA Board convened on January 20, 2015, to review financial matters and administrative updates. Executive Director Harvey Rice was reappointed to a two-year term by unanimous vote. The Board reviewed tax revenue trends and discussed the City’s pension system audit findings, which identified risks related to investment returns, mortality assumptions, and the pension adjustment fund. PICA also presented findings from its first Fall Conference on revenue recovery, planning to follow up with the Revenue Department on implementation. Additional discussions included updates on City labor negotiations, investment of the Debt Service Reserve Fund, and PICA’s IT system upgrades.