Summary
The PICA Board convened on March 21, 2017, to examine Philadelphia’s long-term financial planning and discuss ongoing litigation risks. Executive Director Harvey Rice provided an update on PICA’s bond ratings, noting an AAA rating from Fitch. The Board discussed the City’s sanctuary city funding lawsuit and its potential impact on federal grant allocations. Additional discussions covered tax revenue trends, the Boston College DROP pension study, and PICA’s office lease renewal. The Board approved a four-year lease agreement for new printing and copying equipment. The meeting concluded with updates on investment earnings and the City’s real estate market trends.