Oversight board approves Pittsburgh's $481 million budget

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A state oversight board approved the city of Pittsburgh’s budget with allowances for Mayor-elect Bill Peduto to make changes when he takes office next week.

The Intergovernmental Cooperation Authority, whose five members are appointed by the state Legislature, controls the release of the city’s gaming revenue and must approve the city’s budget annually. The board, which is short a member after former board chair Dana Yealy resigned, gave unanimous approval to the general budget of $481 million and a capital budget of $52 million..

The ICA put conditions on the approval of the budget, including that it must adhere to the Amended Recovery Plan, a sort of blueprint for financial recovery created by the city’s other state overseer.

Last month, when Mr. Peduto unveiled an early retirement program to usher out some longtime city employees, board chair Nick Varischetti objected, saying he believed it violated the plan.

Mr. Peduto’s team is now working on a new version of the plan that would involve buyouts. It will be introduced next month.

In other business, the ICA voted to release $2.5 million in gaming money, which will be used to bolster the city’s pension.

Moriah Balingit: mbalingit@post-gazette.com, 412-263-2533 or on Twitter @MoriahBee.

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