Pittsburgh Targets Ending Financial Oversight (Act 47)

English: Senator Bob Casey (D-PA) meets with P...

English: Senator Bob Casey (D-PA) meets with Pittsburgh Mayor Luke Ravenstahl. (Photo credit: Wikipedia)

After eight years of austerity, the city of Pittsburgh today will argue before a state panel that it has clawed its way to financial recovery and needs fewer mentors looking over its shoulder.

A public hearing on ending the city’s financially distressed status, and disbanding one of its oversight groups, begins at 4 p.m. in the city council chamber.

As of Friday, officials hadn’t decided whether to televise the hearing.

Mayor Luke Ravenstahl and his team will have 20 minutes to argue that establishing a trust fund for retiree health care, improvements to the capital budget process and bond rating upgrades, among other factors, warrant the city’s exit from Act 47, the law that imposes monitoring and financial restrictions on distressed municipalities.

Read more: http://www.post-gazette.com/stories/local/state/pittsburgh-targets-ending-financial-oversight-659655/#ixzz2AjL63Hnp