Pittsburgh City Controller: City Still Managing Finances Despite Taking Hit Due To Coronavirus
PITTSBURGH (KDKA) -- City Controller Michael Lamb says Pittsburgh's economy is taking a hit because of COVID-19, but the city is still managing its finances.
At a news conference Thursday to discuss the mid-year financial situation amid coronavirus, Lamb said the city is taking in less tax revenue.
Local businesses are also losing money because there are not any sporting events or concerts.
And, a lot of people are working from home, which means fewer people are paying to park downtown.
It all adds up to tens of millions of dollars that the city has lost.
"Parking taxes are around a $60 million line item for us, and while we continue to see some revenue in parking, it definitely is taking a hit," Lamb said. "At this point in the year, we're halfway through the year, you would expect around $30 million collectively, which is where we were last year, or close to that. This year, we've only brought in about $17 million."
Controller Lamb says the city does have about $130 million in its surplus fund, which will help to offset the negative financial effects of the virus.
The city also put a hiring freeze in place, and taking other steps to stay on track financially.
