Summary
The Board received updates on the City’s FY25 Annual Financial Report, which showed a record $1.19 billion General Fund balance driven by higher-than-expected BIRT and Realty Transfer Tax revenues and underspending from staffing vacancies. Members also heard about the passage of the state budget, staffing gains across City departments, and plans to establish a Federal Funds Reserve in FY26. PICA staff reported on recent publications, the Fall Forum on regional economic growth, upcoming research on Q1 fiscal trends and overtime, and internal modernization efforts including migration to cloud-based systems.