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Improving finances help Pittsburgh shed distressed status

Written by The Associated Press | Feb 12, 2018 11:56 AM
pittsburgh1.jpg

FILE PHOTO: View of Pittsburgh from Mount Washington (Tim Lambert/WITF)

(Pittsburgh) -- The Wolf administration says improving finances mean Pittsburgh no longer qualifies as a distressed municipality under Pennsylvania law.

Democratic Gov. Tom Wolf joined the mayor and other officials today in announcing Pittsburgh has become the second city and 14th municipality to emerge from distressed status.

Pittsburgh had entered into the Municipalities Financial Recovery Act program in 2003, as it was plagued by debt, pension demands and budget problems.

At the time it entered the program, the city's credit was junk-bond status. It had spent more than it collected for at least three years and had run a five percent deficit for two successive years.

Wolf's secretary of community and economic development made the decision after a hearing in late December on the Pittsburgh's financial status.

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