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CITY of PITTSBURGH FISCAL OUTLOOK

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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CITY of PITTSBURGH FISCAL OUTLOOK

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  1. CITY of PITTSBURGH FISCAL OUTLOOK Councilman William Peduto, Finance Chair Pittsburgh City Council December 12, 2008

  2. Operating Result -$17,590,523

  3. Operating Result +$17,752,159

  4. Operating Result +$36,728,395

  5. Operating Result +$22,680,253

  6. Operating Result +$19,234,435

  7. Operating Result +$3,440,087

  8. Deficit Returns

  9. Flat Lines Fund Balance Depleted

  10. PAYGO Gone?

  11. PAYGO Capital Budget Funding gone in 2012 Structural Deficit Returns in 2014

  12. PENSION CRISIS

  13. $34,378 per member Distribution of Liability $93,827 per member -$524 Million

  14. According to University of Pittsburgh’s Chris Briem Police Fund negative by March 2012 – Fire Negative by June 2014

  15. 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

  16. 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

  17. 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

  18. 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

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