Summary
The PICA Board convened on November 21, 2023, to review City financial updates and governance matters. Executive Director Marisa Waxman provided an overview of FY23 fund balances and expenditure trends, noting higher-than-expected reserves due to strong tax collections and underspending in personnel costs. The Board discussed concerns about commercial real estate tax collections, projected budget deficits, and staffing shortages in key City departments. Updates were provided on upcoming legal service procurements and office lease negotiations. The meeting concluded with a discussion on economic conditions affecting revenue projections and policy strategies to mitigate financial risks​.