Summary
The PICA Board convened on May 17, 2022, focusing on financial oversight and upcoming budget evaluations. The Board approved Resolution 2022-08, engaging The Arbitrage Group for annual arbitrage rebate calculations at a locked rate of $1,000 per year. Executive Director Harvey Rice provided updates on tax revenue trends, ongoing City labor negotiations, and the potential need for a revised Five-Year Financial Plan. The Board discussed persistent staffing shortages in critical City departments and their impact on service delivery. Additionally, members debated the effects of increasing overtime costs and potential budget adjustments. The meeting concluded with updates on PICA’s investment portfolio and ongoing oversight of City finances.