The City of Pittsburgh's first quarterly financial and performance report was released today, showing that the City is building a responsible fund balance, and cutting costs when it makes sense. The report, which covers the period of January 1 - March 31, 2007, comes after a strong CAFR report and forecasts the City will end fiscal year 2007 with an excess margin of $10.5 million.
The first quarter results and projections for the balance of the fiscal year indicate that the City will end the year with revenues exceeding expenditures. Revenues are expected to exceed budget by 1.3 percent, and expenditures are projected to be under budget by 1.2 percent, or $4.9 million.
"I commend our City workforce for their dedication to the residents of Pittsburgh," said Mayor Ravenstahl. "Our strong financial outlook is a direct result of their commitment to streamlining city operations while maintaining high quality service. Together, we've worked tirelessly to ensure that the people of Pittsburgh see a responsible budget advancing the long term fiscal recovery of our City. We continue to closely monitor the funds in our public trust, enabling us to dedicate more funding to keep the public safe, our streets clean and to our ongoing redevelopment of our neighborhoods."
The first quarterly financial and performance report comes shortly after the City Controller's CAFR report, which showed the city continues to build a strong savings in order to stave off increasing debt service payments and pension costs. Further savings in utilities are anticipated due to the upgrading of traffic signals to energy efficient LED fixtures and savings in health care are expected to be significant under the Mayor's recently announced healthcare plan for City employees.
Tuesday, May 15, 2007
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Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687