PICA recognized and expressed appreciation for the service of Courtney Richardson, Esq., who served on the governing board from 2021 to 2023. Her leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.

PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Ms. Richardson as Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.

PICA approved the City of Philadelphia’s FY2023-FY2027 Five-Year Financial Plan, confirming that it meets the statutory requirements under the Pennsylvania Intergovernmental Cooperation Authority Act. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.

PICA approved the use of $380,000 in surplus bond proceeds to fund additional capital projects, including library elevator modernizations and roof replacements. This allocation ensures the continued improvement of public facilities in Philadelphia.

PICA retained Angela Bird to provide consulting services for analyzing the City’s revenue, expenditures, and overtime data, preparing monthly reports. The engagement is based on a proposal dated December 20, 2022, with a compensation rate of $50 per hour.

PICA reappointed Harvey M. Rice as Executive Director, extending his term to continue overseeing the Authority’s financial oversight responsibilities. His appointment remains in effect until a successor is appointed, or his term is otherwise concluded.

PICA approved its FY2024 Operating Budget, ensuring continued funding for the Authority’s financial oversight activities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.

PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2023-FY2027 Five-Year Financial Plan for a fee not exceeding $9,000. This engagement supports PICA’s role in ensuring the reasonableness of financial projections.

PICA retained The Arbitrage Group to provide arbitrage rebate consulting services for the calculation periods ending June 30, 2022, and June 30, 2023. The firm was engaged for a fee not exceeding $1,000 per period to ensure compliance with federal tax regulations.

PICA approved the official meeting schedule for FY2023 and set the date for its FY2024 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act’s public notice requirements. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

PICA granted the City of Philadelphia an extension to submit revisions to the FY2022-FY2026 Five-Year Financial Plan due to non-complying labor contracts. The deadline was extended to no later than October 29, 2021.

PICA approved a revised Five-Year Financial Plan for FY2022-FY2026 to incorporate the costs of new labor contracts. The revised plan ensures compliance with statutory requirements and reflects updated financial projections.