Summary
The PICA Board convened on November 15, 2022, to assess Philadelphia’s financial performance and revenue trends. Executive Director Harvey Rice presented updates on the City’s tax revenues, with concerns about rising real estate tax appeals impacting collections. The Board discussed the ongoing impact of staffing shortages on City services and overtime expenditures, particularly in public safety departments. Additional topics included investment management strategies and market volatility affecting PICA’s financial reserves. The meeting concluded with discussions on upcoming City budget hearings and PICA’s continued financial oversight role. The meeting adjourned following a discussion on procedural updates related to the Pennsylvania Sunshine Act.