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.READ MORE: Pittsburgh Penguins, Fenway Sports Group Reach Agreement On Sale Of Team
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.READ MORE: PTL Links: Nov. 29, 2021
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.MORE NEWS: Monroeville Bike Shop Devastated By Fire Reopening At New Location
The city also put a hiring freeze in place, and taking other steps to stay on track financially.