Summary
The PICA Board convened on July 25, 2024, to consider key financial resolutions. Executive Director Marisa Waxman presented an analysis of the City’s FY25-29 Five-Year Plan, highlighting risks such as pension obligations, staffing vacancies, and low fund balances. The Board approved the Five-Year Plan with Resolution 2025-01, recognizing its compliance with PICA Act requirements but noting concerns about long-term revenue sustainability. Additional resolutions were passed to re-elect Board Officers (Resolution 2025-02) and approve the FY25 Board Meeting Calendar (Resolution 2025-03). City Finance Director Rob Dubow provided updates on budget adoption and anticipated funding challenges, including the expiration of American Rescue Plan funds. The meeting concluded with discussions on economic conditions, revenue trends, and pension fund stability.