Summary
The PICA Board convened on September 19, 2017, to discuss financial policy decisions and departmental spending. Executive Director Harvey Rice introduced the bond refunding resolution, explaining the removal of paragraph thirteen, which had previously caused financial losses due to falling interest rates. The Board approved Resolution 2020-05, enabling PICA to proceed with the refunding transaction if financial conditions remained favorable. 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 internal controls. 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 appeals, PICA’s financial audit, and planning for the fall cybersecurity conference.