Summary
The PICA Board convened on May 14, 2020, to address urgent financial concerns arising from the pandemic. Executive Director Harvey Rice provided updates on tax revenue declines and upcoming federal relief funding. The Board discussed the economic downturn’s impact on wage and business tax collections, highlighting uncertainties in recovery projections. Resolution 2020-10 was approved, permitting the City to withdraw and revise its FY2020-2024 Plan with updated revenue estimates and expenditure adjustments. The meeting concluded with discussions on pension liabilities, potential budget cuts, and strategies to ensure fiscal stability in the face of economic uncertainty​.