title
Ordinance supplementing the Pittsburgh Code of Ordinances, Title 1, Administrative, Article III Organization, Chapter 123.01: Controller Powers and Duties creating a new power for projecting annual revenue derived each year from the increase in parking meter rates.
Body
WHEREAS, the Council of the City of Pittsburgh (the "City") passed Ordinance 26 of 2010 on October 26, 2010 raising rates for parking meters over the next thirty (30) years and this ordinance became law on November 9, 2010; and,
WHEREAS, it remains the intention of the Council of the City to dedicate irrevocably the revenue generated by increase parking meter rates to the Comprehensive Municipal Pension Trust Fund between 2011 and 2041 for the purpose of providing adequate funding for the City's existing pension obligations; and,
WHEREAS, the Controller of the City conducts fiscal audits and compiles financial data to assess the City's current and future fiscal condition and the Controller is a member of the Comprehensive Municipal Pension Trust Fund board,
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Pittsburgh Code of Ordinances, Title 1, Administrative, Article III Organization, Chapter 123.01: Controller Powers and Duties is hereby supplemented by adding a new duty for the Controller as follows:
CHAPTER 123.01: Powers and Duties
The controller shall have the following powers and duties:
a. to calculate and report to the Mayor, the Council, and the board of the Comprehensive Municipal Pension Trust Fund in the first six months of each year an estimate of the revenue to be earned by the Pittsburgh Public Parking Authority and dedicated to the Comprehensive Municipal Pension Trust Fund as prescribed in Title 2, Fiscal, Article XI: Dedicated Funding for the Comprehensive Municipal Pension Trust Fund.