Mayor Luke Ravenstahl  today announced that the executive director of the Commonwealth’s Public Employee Retirement Commission notified the City that its pension fund has been valued at above 50 percent funding status, allowing the City to avert a state takeover of that fund. 

“This is extremely good news for the people of Pittsburgh,” Ravenstahl said. “We worked very hard to make sure that the City's plan would be accepted by our accountants, actuaries, and ultimately the Commonwealth. I want to thank members of my finance team for their hard work in ensuring that  we can continue to provide quality services and balanced budgets with no new tax increases. This is a critical step for us as we get closer to completing our financial recovery."

On Friday, Sept. 23, the Mayor’s 2012 Budget and Five-Year Plan is due to the Intergovernmental Cooperation Authority Board. 

“I look forward to introducing my fifth-consecutive balanced budget with no tax increases and a focus on our neighborhoods and infrastructure.”