PICA recognized and expressed appreciation for the service of James F. Cawley, who served on the governing board from 2017 to 2021 and as Assistant Secretary/Treasurer. His leadership contributed to PICA’s mission of maintaining Philadelphia’s fiscal stability.

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 the official meeting schedule for FY2021 and set the date for its FY2022 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

PICA elected its officers for a one-year term, appointing a Chairperson, Vice Chairperson, Secretary/Treasurer, and 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 FY2021-FY2025 Five-Year Financial Plan, including an Addendum outlining revenue reductions and an overtime reduction strategy. The approval ensures that the City’s financial projections align with legal and fiscal standards.

PICA approved a settlement agreement in the LIBOR interest rate manipulation lawsuit and delegated authority to approve future settlements to the Chairperson and Executive Director. The resolution ensures streamlined decision-making for future related settlements while maintaining Board oversight.

PICA approved hiring a financial advisor to evaluate whether terminating two basis cap transactions with JP Morgan Chase Bank would be beneficial. The resolution authorized soliciting proposals from PFM Financial Advisors and Phoenix Capital Partners.

PICA approved the allocation of $862,000 from surplus bond proceeds to fund ADA accessibility improvements at four Philadelphia Police Districts. The improvements include new ramps, elevators, restrooms, and accessibility enhancements to public areas.

PICA approved a settlement agreement in litigation regarding the alleged manipulation of the LIBOR interest index, joining the City of Philadelphia in accepting the settlement. The resolution authorizes the execution of all necessary legal documents to finalize the agreement.

PICA retained Parker Bond Consulting to provide arbitrage rebate consulting services for the calculation period ending June 30, 2020. The engagement, for a fee of $4,500, ensures compliance with federal tax regulations.

PICA reappointed J. Miller & Associates, LLC to provide accounting services for four consecutive fiscal years beginning with FY2021. The engagement follows a competitive RFP process and ensures financial management continuity.

PICA reappointed Maher Duessel, LLP to provide audit services for the fiscal year ending June 30, 2020, with four one-year renewal options. The firm was selected after a competitive RFP process and will ensure compliance with financial reporting requirements.