Summary
The PICA Board convened on July 18, 2017, to evaluate the City’s FY2018-2022 Five-Year Financial Plan, with staff recommending approval based on revenue trends and economic growth. Executive Director Harvey Rice noted that the plan included a new stacked hybrid pension system and set aside reserves for potential federal and state funding cuts. The Board approved Resolution No. 1, endorsing the plan, but highlighted risks related to labor costs, pension funding, and potential economic downturns. Additionally, the Board elected officers for the fiscal year under Resolution No. 2 and formalized the FY2018 meeting schedule with Resolution No. 3. The meeting concluded with a discussion on the impact of tax policy changes and wage tax volatility.