New mayor wants Pittsburgh to stay under Act 47
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Associated Press
PITTSBURGH (AP) Pittsburgh’s new mayor has asked Gov. Tom Corbett to keep the city under Act 47 state oversight, saying while the city’s finances have improved, more economic recovery and reforms are needed.
Mayor Bill Peduto’s office on Wednesday released a two-page letter sent to Corbett on Tuesday.
Peduto’s predecessor, Luke Ravenstahl, balanced the budget six years in a row, saw the city’s credit rating rebound from junk-bond status and oversaw reforms that funded pensions above the 50 percent level required by state law.
But Peduto says the city needs additional reforms to keep its pensions solvent, improved debt management, and to establish a long-term PILOT or payment in lieu of taxes program with the city’s nonprofits. Nonprofits including universities and hospitals already contribute money to the city for services, but Peduto wants a “sustainable stream” of such revenue.