Summary
The PICA Board convened on September 17, 2019, to review financial policies and discuss the impact of bond refunding on PICA’s financial obligations. Executive Director Harvey Rice introduced the resolution for bond refunding, explaining that paragraph thirteen had been removed due to prior financial losses from falling interest rates. The Board approved Resolution 2020-05, enabling PICA to proceed with a refunding transaction under favorable market conditions. Consultants from Baker Tilly presented findings from the Police Court Overtime Study, estimating potential savings of $7.5 to $10 million annually through improved scheduling and software integration. Board members debated strategies for implementing the study’s recommendations in collaboration with the Managing Director’s Office. The meeting concluded with updates on tax appeal hearings, PICA’s annual financial audit, and planning for the fall conference on cybersecurity.