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PRESS RELEASES

STATEMENT FROM DEPUTY MAYOR JAKE PAWLAK REGARDING CITY FINANCES

STATEMENT FROM DEPUTY MAYOR JAKE PAWLAK REGARDING CITY FINANCES 

“The City of Pittsburgh’s Annual Comprehensive Financial Report (ACFR), released today by Controller Heisler, correctly identifies a softening real estate market, property tax appeals, and high interest rates that, taken together, will have an impact on city revenues for the next few years. These challenges are real, but they are also manageable: the city ended fiscal year 2023 with a $31.9 million cash surplus; the reserve fund balance at the end 2023 was over $200 million, nearly 1.75 times greater than where it stood in 2019; and first quarter revenue collections are on pace with our projections. We do not anticipate any effect of current economic conditions on city finances that cannot be addressed though normal fiscal management and we look forward to continuing these discussions in partnership with the Joint Task Force on City Finances. 

We have long known that 2025 and 2026 would present financial challenges for the city due to the deadline for spending federal relief funds, and have proposed budgets that have prepared us to confront those challenges while maintaining our strong financial position. As we begin the process of preparing Mayor Gainey’s 2025 Budget & Five Year Plan, opportunities to propose new spending will be limited, but the administration remains confident that current programs and initiatives, including those that were initiated in the 2023 and 2024 budgets, can continue, and core city services will not be affected. 

The city is categorically not at risk of returning to financial oversight, a process that results from long-term, structural weakness, not economic headwinds. The City of Pittsburgh is in a fundamentally different position today than it was in 2003, and not on a course to return.”  

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Published

05.01.2024
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Contacts

Olga George
Press Secretary
Mayor's Office
412-627-0679
olga.george@pittsburghpa.gov