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CITY of PITTSBURGH FISCAL OUTLOOK. Councilman William Peduto, Finance Chair Pittsburgh City Council December 12, 2008. Operating Result -$17,590,523. Operating Result +$17,752,159. Operating Result +$36,728,395. Operating Result +$22,680,253. Operating Result +$19,234,435.

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Presentation Transcript
slide1

CITY of PITTSBURGH

FISCAL OUTLOOK

Councilman William Peduto, Finance Chair

Pittsburgh City Council

December 12, 2008

slide2

Operating Result

-$17,590,523

slide3

Operating Result

+$17,752,159

slide4

Operating Result

+$36,728,395

slide5

Operating Result

+$22,680,253

slide6

Operating Result

+$19,234,435

slide7

Operating Result

+$3,440,087

slide11

Flat Lines

Fund Balance Depleted

slide13

PAYGO Capital Budget Funding gone in 2012

Structural Deficit Returns in 2014

distribution of liability

$34,378 per member

Distribution of Liability

$93,827 per member

-$524 Million

slide20

According to University of Pittsburgh’s Chris Briem

Police Fund negative by March 2012 – Fire Negative by June 2014

the pension problem
The Pension Problem
  • The economic market may remain flat for

the foreseeable future

  • State contributions to pension fund may decrease as more municipalities start to draw on the state’s fixed pool of revenue
  • Low interest rates that safe bonds are offering may push down future expected returns and push up required contribution levels
the future
The Future
  • Pay as you Go Capital Ends – 2011
  • Reserve Plans Depleted – 2013
  • Deficit Spending Returns – 2013
  • Police Pension Funds Depleted – 2011
  • Fire Pension Funds Depleted - 2014
2009 2014 new 5 year plan to solvency
2009 – 2014New 5-Year Plan to Solvency
  • Restructure City Government
  • Statewide Pension Reform
  • Statewide Municipal Healthcare
  • Regional Government Consolidation
  • Fair Payments In Lieu Of Taxes
  • Regional Revenue Sharing
next steps
Next Steps
  • Now - Council Budget Director meets with Mayor's Budget Director, Controller's Representative, Act 47 and Oversight Board to review Act 47 initial draft
  • January ‘09 - Act 47 submits initial plan to Council. Council begins full budget hearings on the five year plan
  • January ’09 – February ’09 -Televised budget hearings and public hearings
  • March ’09 - Council debates recommendations to five year plan and approves a series of amendments to the plan by March 25th
  • April ’09 - Act 47 submits final plan to Council
  • May ’09 - Council votes on the plan
  • June ’09 – Plan is ready for Mayor’s signature