Summary
The PICA Board convened on July 16, 2015, to conduct financial oversight and governance responsibilities. Executive Director Harvey Rice presented the PICA staff report on the Five-Year Plan, which recommended approval while highlighting risks related to pension liabilities and real estate tax appeals. Board members debated the reasonableness of the City’s revenue projections, with concerns about underestimating labor costs and economic downturn risks. The Board approved the Plan with a 4-1 vote, with one dissenting member citing concerns over pension funding. Additional discussions covered the City Controller’s revenue projections and the investment strategy of the pension fund. The meeting concluded with a request for a deeper analysis of pension reform options.