Summary
The PICA Board convened on May 21, 2019, to review financial policies and discuss investment management. Executive Director Harvey Rice recommended transferring $14.5 million from Morgan Stanley to U.S. Bank, citing cost savings and compliance with Commonwealth regulations; the Board approved the transfer under Resolution 2019-10. The Board also reviewed tax revenue reports, noting declines in real estate and beverage tax collections but strong business income tax performance. Concerns were raised about overtime spending in the Sheriff’s Office, with Board members requesting a historical analysis of excessive overtime payouts. The meeting concluded with discussions on PICA’s financial advisor RFP and upcoming City budget hearings.