Summary
The PICA Board convened on November 18, 2014, to assess City financial performance and discuss ongoing policy matters. Executive Director Harvey Rice presented the latest revenue reports, noting that PICA expenditures were below budgeted levels but higher than the previous year due to salary and benefit cost increases. The Board received an update on PICA’s litigation regarding LIBOR benchmark interest rates, as well as an overview of the ongoing pension system study. An audit presentation from Heffler, Radetich & Saitta LLP confirmed that PICA’s financial statements received an unmodified opinion, indicating no material misstatements. Additional discussions included investment portfolio adjustments and policy recommendations for strengthening City revenue collection efforts.