PICA approved the City of Philadelphia’s FY2016-FY2020 Five-Year Financial Plan, confirming that it meets statutory requirements. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.

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

PICA approved the official meeting schedule for FY2016 and set the date for its FY2017 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

PICA issued a formal resolution urging Philadelphia officials to enact pension reform measures based on findings from the 2015 City Pension Report. The resolution highlights the growing costs and financial instability of the City’s pension system and calls for increased employee contributions and a broader adoption of the hybrid pension plan.

PICA approved its FY2017 Operating Budget, ensuring continued funding for the Authority’s financial oversight responsibilities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.

PICA recognized and expressed appreciation for the service of Suzanne Biemiller, who served as Chair in 2015 and 2016. Her leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.