Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

City, Ica Draft Pact over Withheld Funds

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

City, Ica Draft Pact over Withheld Funds

Article excerpt

A years-long tug-of-war between the city of Pittsburgh and state-picked financial overseers appears to be at an end with the announcement Wednesday of a tentative settlement that would infuse $18.2 million into a troubled pension fund.

For years, the Intergovernmental Cooperation Authority withheld much of the roughly $10 million a year in casino-related revenue that it received for distribution to the city. Thirteen months ago, the city sued in an effort to force the release of the funds.

If the ICA board approves the pact at a meeting set for Tuesday in City Council Chambers, that money will flow to the city's pension fund, on top of the municipality's required annual contribution to the retirement account.

"Now that this legal matter is nearly over, the city and its partners in the ICA and the Capitol can get back to work on something we all agree on - the importance of finally bringing Pittsburgh back to financial health," Mayor Bill Peduto said in the release. …

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