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WHEREAS, in 2003, the City of Pittsburgh was on the brink of bankruptcy, and filed an application to be declared a financially distressed municipality, in accordance with Pennsylvania Act 47 of 1987; and,
WHEREAS, on December 29, 2003, the Secretary of the Department of Community and Economic Development ("Secretary") declared the City to be a distressed municipality; and,
WHEREAS, the Secretary appointed Act 47 Coordinators, who worked with the City to develop a financial recovery plan, which was subsequently amended in 2009 and 2014; and,
WHEREAS, since its declaration as a distressed municipality in 2003, the City has instituted important reforms, and made significant cuts to meet the goals of its financial recovery plans, including cutting the workforce by 27% between 2002 and 2006, instituting wage freezes, significantly reducing healthcare costs, entering shared services agreements with neighboring municipalities, instituting pay as you go capital budgets, dedicating a portion of parking tax revenue to the pension fund for more than thirty years, decreasing the debt from $822 million to $558 million, and increasing our bond rating from "junk" status to an A1 positive rating; and,
WHEREAS, in 2012, the Department of Community and Economic Development held an Act 47 rescission hearing, to conduct a review of the City's financial position, and determine if the goals and conditions of the financial recovery plans had been met. At this hearing, the Mayor, Finance Director, City Solicitor, City Council President, City Council Chair of the Committee on Finance and Law, and the Act 47 Coordinators testified that the City's distressed status should be rescinded; and,
WHEREAS, the Council of the City of Pittsburgh believes that we have met or exceeded the requirements in our financial recovery plans, and the requirements outlined in Act 47; and,
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NOW, THEREFORE, BE IT RESOLVED, that the Council of the City of Pittsburgh does hereby request the Secre...
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