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.