Summary
The PICA Board convened on July 16, 2019, to evaluate the City’s FY2020-2024 Five-Year Financial Plan, with staff recommending approval based on revenue trends and financial projections. Executive Director Harvey Rice noted record-high fund balances and the City’s first-ever contribution to the Budget Stabilization Reserve Fund. However, concerns remained over potential recessions, real estate tax appeals, and increased pension obligations. Board members debated real estate tax projections, school district administrative costs, and the sustainability of health benefit spending. The Fire Department’s rising overtime costs also became a point of contention, prompting a request for departmental accountability. The meeting concluded with votes on Board officer elections (Resolution 2020-02), financial advisory contracts (Resolution 2019-13), and the fiscal year meeting schedule (Resolution 2020-03).