The City of Pittsburgh saw significant financial losses over the course of the pandemic, but had the funds to "weather the storm," according to Pittsburgh City Controller Michael Lamb.
Lamb released his 2020 Comprehensive Annual Financial Report Friday, which showed losses in the City's "rainy day fund," parking revenue, amusement tax and other areas because of the pandemic.
The City’s total unassigned fund balance shrank in 2020 from $133 million to $85.4 million, a decrease of $47.6 million.
Amusement tax revenue shrank by $13.6 million, charges for user services decreased by $10.6 million, and the parking tax was reduced by $29.3 million.
"A very big revenue source for the City of Pittsburgh," Lamb said of the parking tax. "To take a hit like that is something that would require help and does require help from the federal government, and we're thankful that we are going to be receiving that help."
Lamb also called attention to the City's main sources of revenue. The majority of revenue (34 percent) comes from real estate tax. Twenty-four percent of revenue comes from earned income tax.
"The burden of this government rests heavily, too heavily, frankly, on the people who live here," Lamb said.
Fifty-one percent of the City's funds go to public safety. Another 20 percent goes to highway and streets.
Lamb was also critical of Pittsburgh's largest nonprofit employers for what he says is a lack of financial contribution.
"I'm going to continue to talk about the need for our large nonprofits to make direct contributions to the City itself," he said.
He made note of the $115 million contribution to OnePGH by UPMC, Highmark, Pitt and CMU, announced by Mayor Bill Peduto Thursday. Lamb said none of that money will be new revenue for the city.
Lamb's report also highlighted gains for the City's municipal pension and deed transfer tax.
Though Lamb emphasized the pandemic's toll on the City's finances, he acknowledged Pittsburgh is in a better position than others.
“We are fortunate to have diversified our revenue and built up a sizeable fund balance over the last few years to weather the storm,” Lamb said. “However, it goes without saying the virus impacted the city’s finances in a real way.”