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WORKING WITH ACT 47To secure Pittsburgh’s future
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WHERE WE ARE TODAY
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PENSION AND BENEFIT COSTS ARE GROWINGLegacy costs are a significant driver of the structural deficitCosts are far outpacing revenue growth
Unfunded mandate from pension board rate of return assumption change.
Increasing healthcare costs.
Increasing MMO payment.
Revised actuarial projections.
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REAL ESTATE TAX REVENUE WAS SLASHED30% reduction in millage rate led to permanent loss of revenue
30% millage rate reduction in 2013.
Revenue should be increasing. Instead it has decreased by nearly 10%.
Real estate taxes are the city’s largest source of annual revenue.
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CAPITAL NEEDS FAR OUTPACE FUNDINGWe risk losing key public assets without significant investmentWe will never catch up if we don’t invest
Capital needs have been underfunded for years.
We need a significant capital infusion to fund: roads, bridges, facilities, parks, ballfields, steps, hillsides, property maintenance, neighborhood reinvestment, and our urban forest.
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THE CITY IS FACING A $60M SHORTFALLThe gap between what we have vs. what we need is nearly $60 millionDeferred capital funding and pension investments have led to a structural deficit
City is mortgaging our future by failing to invest in capital improvements and failing to fully fund our pensions.
We need an infusion of $60 million annually in order to address our true needs.
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NEXT STEPS