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Pittsburgh City Council OKs legislation to determine parking value

Pittsburgh City Council gave its first approval Wednesday to legislation to calculate the value of funding it is directing toward its ailing pension fund, which is threatened with state takeover.
In a unanimous vote, council assigned to Controller Michael Lamb and council President Darlene Harris the job of figuring out the value, in today's dollars, of 30 years worth of increased parking meter rates and parking fines.

Council last week voted to assign future parking taxes to the pension fund, and in turn have the Pittsburgh Parking Authority reimburse the city using increased rates. The value of those rate increases could be part of the city's argument to the state Public Employee Retirement Commission that the assignment of future revenue to the pension fund has given it enough value to avoid state takeover.

If the fund does not contain half of what it should to cover pension payments to current and former employees, it may fall under state management. The state would demand higher payments, and Mayor Luke Ravenstahl has said that would force tax hikes and/or service cuts.
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