The chairman of Pittsburgh Intergovernmental Cooperation Authority, a state-appointed board that oversees the city finances, has stepped down.
Dana Yealy, the general counsel of the Federal Home Loan Bank in Pittsburgh, was selected to serve on the board by House Republicans in September of 2011. He was elected board chair in March of 2012.
His resignation was on the agenda for today's meeting of the ICA.
Mr. Yealy could not be reached for immediate comment.
During his tenure, the authority, which holds the purse strings to the city's gaming revenue and must approve its budget, has battled with the city. Last fall, the board signed off on the city's budget but attached several strings to its approval, including working out a new agreement with nonprofits to contribute voluntary payments to the city. The board also asked the city to continue its implementation of financial management software as part of an effort to modernize the city's finances.
This year, the authority steadfastly refused to release millions in gaming revenue, saying the city had not held up its end of the bargain. Mr. Yealy wrote several sharply worded letters to city officials. The funds were released in June, after the authority was updated on the city's progress with the implementation of the software.
The authority also has faced budget woes. Funded by the state's Department of Community and Economic Development, the authority's appropriation has dropped off steeply in recent years. In the last and current fiscal year, the $228,000 appropriation was not projected to cover the salary, benefits and pension contributions of the board's executive director, Henry Sciortino. The authority planned to use unspent funds from past year's appropriations to cover the costs.
Moriah Balingit: email@example.com, 412-263-2533 or on Twitter @MoriahBee.