Monday, October 20, 2008
The governmental agency tasked in overseeing the city's financial recovery has approved Pittsburgh's 2009 budget. The Intergovernmental Cooperation Authority has approved a budget that will focus on addressing the city's debt and legacy costs. City Finance Director Scott Kunka says after the financial sector meltdown left the future of the markets in question the Mayor revised the budget to send 5% of the city's reserve fund balance to paying down long term obligations. Chair of the ICA and President of the Pittsburgh Chamber of Commerce, Barbara McNeese says the Mayor is being proactive in controlling and managing the city's debt. The budget now goes to City Council for an up or down vote before Dec. 31st.