Thursday, June 30, 2011

City Council Rethinks Capital Budget

Pittsburgh elected officials say it’s a good time for the city to borrow money, so it can help pay for capital budget projects it can’t afford right now.

Looking for ways the city could buy new police cars, fire trucks, and Public Works vehicles, Councilwoman Theresa Smith called for a post-agenda hearing on the city’s capital budget.

Pittsburgh’s Director of Finance, Scott Kunka, says the city can refinance its debt, issue a bond, or do both, offering several specific options that would inject money into the 2011 capital budget.

City Controller Michael Lamb says he supports borrowing money to help spread out payments on large capital projects.

Several Council Members say the city should completely redo every capital budget line item after borrowing money.

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