Title
Ordinance amending the City Code at Title Two: Fiscal, Article I: Administration, in order to make technical corrections in Chapters 218 and 219, related to past events that no longer exist.
Body
The Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The City Code is hereby amended and supplemented at Title Two: Fiscal, Article I: Administration, Chapter 219: Operating Budget, Section 219.02: Five-Year Plan, as follows to remove the temporary fund balance minimums that were established by Ordinance 42 of 2020:
? 219.02 - FIVE-YEAR PLAN.
In addition to the requirements of Chapter 503 of the Home Rule Charter, the annual operating budget approved by Council shall also include a five-year plan.
(a) The five-year plan shall consist of the proposed budgetary year and a projection for revenues, expenditures, operating result and fund balance for the following four (4) years utilizing generally accepted forecasting methodology.
(b) [There shall be a minimum projected fund balance in each year of the five-year plan, that should be calculated by dividing the fund balance by the total general fund expenditures for that fiscal year.] The projected fund balance shall be minimally maintained at ten (10) percent through each year of the five-year plan with a target goal of between twelve and one-half (12.5) percent and sixteen and seven-tenths (16.7) percent with an optimum goal of sixteen and seven-tenths(16.7) percent. The percentage should be calculated by dividing the fund balance by total general fund expenditures for that fiscal year.
[(1) Effective for the 2021 fiscal year, the minimum projected fund balance shall be seven (7) percent.
(2) Effective for the 2022 fiscal year, the minimum projected fund balance shall be eight (8) percent.
(3) Effective for the 2023 fiscal year, the minimum projected fund balance shall be nine (9) percent.
(4) Effective for the 2024 fiscal year, and for each fiscal year thereafter, the minimum proje...
Click here for full text