by Charlie Wolfson, PublicSource
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Mayor Bill Peduto presented his eighth and final budget to Pittsburgh City Council Monday, detailing a vision for 2022 that his successor, Mayor-elect Ed Gainey, will inherit Jan. 3. The fiscal plan shows that the city’s economic recovery from the pandemic will be in progress for the foreseeable future, but the city’s books are well reinforced by federal aid for the next few years.
The budget projects 2022 tax revenue lower than pre-COVID levels when adjusted for inflation, with tax revenues expected to miss pre-COVID projections at least through 2024.
The budget projects $504 million in tax revenue in 2022. This is up almost 2% from the last pre-COVID budget, the 2020 budget enacted in December 2019. But when adjusted for inflation, the projected 2022 revenue is down about 5%.
“We will continue to feel the stresses of the pandemic for the next few years,” Peduto said in his speech to council Monday.
Total revenue, which includes tens of millions from the federal American Rescue Plan, is projected to be up 8% from the last pre-COVID budget, or about 1% adjusted for inflation.
Council will hold public hearings on the budget and must approve it, possibly with amendments, by the end of the year. Peduto also introduced a $159 million capital budget, a higher amount than in recent years, which is mostly used to fund construction and infrastructure projects and also includes American Rescue Plan dollars. Gainey will have a chance to work with council to amend the budgets in January.
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Pittsburgh Mayor Bill Peduto. (Photo by Jay Manning/PublicSource)
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