The pension bailout Pittsburgh City Council pushed through Dec. 31 likely boosted the fund's solvency level to about 60 percent, according to a budget address Tuesday by council's budget director and finance chairman.

To avoid a state takeover of the fund, council held a series of meetings New Year's Eve, giving preliminary and final approval of the bailout and then overriding Mayor Luke Ravenstahl's veto to make the bailout a law.

The fund was 29.3 percent funded on Dec. 30 and headed for takeover if it wasn't at least 50 percent funded by midnight Dec. 31. Council kicked in $45 million in debt service reserve money and irrevocably dedicated about $735.7 million in parking tax revenue over 31 years to boost the fund.

While officials needed to get to the 50 percent solvency level, council budget director Bill Urbanic and Councilman Bill Peduto, finance chairman, said the bailout probably pushed the fund to about 60 percent.

Officials won't know for certain, however, until state officials decide whether to accept the city's calculations. That may not occur until fall.

If officials missed the 50 percent level, a takeover still will occur, dramatically higher annual pension payments will follow, and the city still have to dedicate the parking tax revenue to the pension fund for 31 years.

Mr. Urbanic and Mr. Peduto said city officials must continue working on ways to raise money for the pension fund and the city's pay-go capital budget.