Monday, May 3, 2010

Pittsburgh's Comprehensive Annual Financial Report Released

Michael Lamb, the city's City Controller, released 2009's Comprehensive Annual Financial Report. He said despite the economic crisis, Pittsburgh ended the year with a surplus of $8.5 million dollars, and a fund balance of $61.4 million. In 2009 there was an increase in the collection of earned income tax and a decrease in the deed transfer tax.

"All in all, kind of a vanilla year, in a year that most cities across the country continue to end in the red, we ended in the black - and that's good news," said Lamb.

There was an increase of $24.3 million in spending because of the G-20 summit. Lamb said they expect to be reimbursed by the federal government this year.

Fringe benefits, such as health insurance, pension and worker's compensation in 2009 cost the city $74.8 million and is expected to go over $82 million in 2010.

Lamb also said there are problems - the first quarter of 2010 is 3 million short compared to last year, there is the continuing pension problem and despite the fact that there is a growth of jobs in the city, people keep moving out. Lamb says this hurts the city's bottom line.

No comments: