Pittsburgh posted an $8.6 million year-end operating balance for the fourth consecutive year in 2009, according to the city's fourth-quarter financial audit released today by Mayor Luke Ravenstahl.
"The City was able to achieve this surplus due to tight controls on spending," Ravenstahl said in a written statement. "We still have challenges with our long-term legacy costs, namely our pension obligation, but overall we are doing well on an operational basis, despite the global economic crisis."
The report covers the period of Oct. 1 to Dec. 31, 2009. The surplus money will be put toward the city's capital budget to be used to pay down debt and address the city's ailing municipal pension fund.
Pittsburgh City Council will hold a special meeting at 1:30 p.m. today in council chambers to discuss the pension, which has roughly a third of the money needed to cover an estimated $1 billion in obligations. The meeting is the first in a series of five requested by Councilman Bill Peduto to focus on the state of the pension fund.
Ravenstahl plans to privatize the city's parking assets for a one-time deposit of $200 million into the pension fund and lobby state lawmakers for $15 million in recurring revenue. If the fund does not reach the 50 percent threshold by the end of the year, it will be taken over by the state.
