Pittsburgh City Council today approved refinancing $67 million in long-term debt, triggering $2.8 million in savings. It also approved a study on pay disparities based on gender and race.

The city intended to refinance the debt a couple weeks ago but held off, citing fluctuation in insurance prices. The insurance market got better late last week, said city Finance Director Scott Kunka, leading to the final approval of the maneuver today.

The delay meant the city had to pay a regularly scheduled debt service payment set for September. It will pay $2.8 million less in its next scheduled debt payment in March.

Nationally, women are paid 80 percent of what men make, while in Pittsburgh women make less than 70 cents of a man's dollar, said Women and Girls Foundation director Heather Arnet. The $92,000 study council approved will study the underlying reasons for that disparity among women as well as minorities on the city payroll.

The city chose a consultant months ago to perform the study but there was a hold-up -- and some fights between council and the mayor's office -- over funding sources. The foundation is kicking in $20,000, the mayor's office $22,000 and council $50,000. It is expected to take about 8 months to complete.