City Controller Releases Pittsburgh's 2020 Comprehensive Annual Financial Report

Pittsburgh faced a challenging pandemic year in 2020, but it weathered the storm a little better than other cities.

Video Transcript

- Pittsburgh faced a challenging pandemic year in 2020, but it weathered the storm a little better than other cities. That's according to City Controller Michael Lamb, who released the annual report of Pittsburgh's finances. Revenue from parking and amusement taxes took significant hits, but increases in real estate and deed transfer taxes helped dull the pain. Lamb also called out large tax exempt nonprofits.

MICHAEL LAMB: I think it's particularly unfair to the city's taxpayers, who continue to bear the burden of this government. We continue to not receive any real dollars to the city budget from our large non-profits, our largest employers.

- The city closed the year 2020 with a $50.4 million general fund deficit. The rainy day fund was depleted going from $133 million to $85 million. Lamb says, incoming federal COVID relief funds will help finances.