Summary
The PICA Board convened on July 27, 2021, to review and approve financial oversight measures. Executive Director Harvey Rice presented findings from PICA’s analysis of the City’s Five-Year Plan, noting concerns about labor costs, pension funding, and fund balance projections. The Board approved Resolution 2022-01, endorsing the FY2022-2026 Five-Year Financial Plan, with discussions focusing on revenue risks related to wage tax losses from remote work and structural budget deficits. Additionally, the Board approved Resolution 2022-02, electing officers for the fiscal year, and Resolution 2022-03, formalizing the FY2022 meeting schedule. Further discussions covered capital budget allocations, workforce hiring trends, and overtime cost containment strategies. The meeting concluded with a motion for PICA staff to conduct research on budget stabilization reserves in other cities.