FOR IMMEDIATE RELEASE – Peduto’s Debt Management Policy and Local Economic Stimulus Plans Scheduled for Initial Vote
PITTSBURGH – This morning Council will cast an initial vote on two important pieces of legislation introduced by Councilman Peduto to ensure a sustainable fiscal future for the City of Pittsburgh.
The Debt Management Policy puts in place common-sense guidelines for managing current and future debt without overburdening our children and grandchildren. The policy provides flexibility to fulfill our capital needs while imposing limits on the amount of debt the City can take on at any one time.
“We all know that the City has great needs and the market conditions are right to borrow some money to fulfill those needs,” said Councilman Peduto. “What I don’t want to see is the City try to take on more than we can handle and end up saddled with debt that breaks the budget five or ten years from now. This policy will prevent that from happening.”
The Local Economic Stimulus Plan, also up for an initial vote today, will provide temporary property tax relief to projects throughout the City that have been slowed or stopped by the tough economy and tight credit markets.
“We have projects all over the City that need a boost to get started,” said Councilman Peduto. “This legislation provides that extra push they need to put people back to work and grow our economy.”
Contact: Dan Gilman – 412-255-2133 (cell 412-600-3696)
Wednesday, December 7, 2011