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FOR IMMEDIATE RELEASE
August 23, 2024 |
Olga George
Press Secretary
Mayor's Office
olga.george@pittsburghpa.gov
412-627-0679 |
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City of Pittsburgh Releases Second Quarter Financial Report
Report Shows City Finances Improved Upon Earlier Projections
Pittsburgh, PA – Today, the City of Pittsburgh’s Office of Management and Budget (OMB) published the second Quarterly Financial & Performance Report of 2024. This report provides insight into the healthy state of the city’s finances. The report was delivered to the Controller’s Office and Council Budget Office earlier this week and will be formally filed with the City Clerk during Council’s next Regular Meeting.
The report covers the second quarter of the City’s 2024 fiscal year, from April 1st through June 30, 2024, and projects that the City will end the fiscal year with a $3.8 million surplus, an improvement over the modest deficit projected in the prior Quarterly Report. The improved outlook is a result of stabilized revenue projections, with improved collections of delinquent property taxes offsetting the cost of refunds. Effective cost containment measures have also reduced projected year-end expenses.
“I would like to thank my teams in OMB and Finance for their continued hard work keeping this city on sound financial footing. They’ve always presented a clear, honest, and direct message on how we can maintain core services for residents while re-investing funds in things that we need to keep residents safe,” said Mayor Ed Gainey. “I would also like to thank our Departments for continuously finding ways to make their processes more efficient, further decreasing spending.”
In the report, Finance breaks down the actual revenue collected during the first half of the year and uses those trends, as well as market conditions, to offer projections for all tax and non-tax revenue categories for the second half of the year. Similarly, OMB uses actual expenditures to forecast anticipated costs for the remainder of the year.
The report also provides information on Q2 spending for all capital projects that were approved with funding allocated in the 2024 budget year, grant and special revenue spending, and American Rescue Plan Act allocations.
“These projections will help guide the creation of the 2025 Operating and Capital Budgets, helping the City to safely navigate through the anticipated lean period over the next two years. We look forward to discussing this report with the Joint Task Force on City Finances next week,” said Deputy Mayor and OMB Director Jake Pawlak.
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