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The Public Plan : Solving Pittsburghs Pension Crisis Councilman Patrick Dowd Controller Michael Lamb March 2, 2010.

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Presentation on theme: "The Public Plan : Solving Pittsburghs Pension Crisis Councilman Patrick Dowd Controller Michael Lamb March 2, 2010."— Presentation transcript:

1 The Public Plan : Solving Pittsburghs Pension Crisis Councilman Patrick Dowd Controller Michael Lamb March 2, 2010

2 The Challenge Moving CMPTF from 30% to 50% funded Creating a regular revenue stream for CMPTF Avoiding a tax increase Promoting long-term economic stability Maintaining local control of community development options

3 The Private Plan Lease Parking Assets to private concessionaire for at least $300 million Term of lease: 2011 to 2061 Concessionaire controls rate setting and all other revenues Concession Agreement forbids PPA from building new parking facilities

4 Concerns with The Private Plan Cannot capture full value for the assets and other revenues Offers only a one-time infusion of cash Fails to create a regular revenue stream Decreases dramatically the role of the PPA and the regulation of parking Simply Put: to get $300 million Pittsburgh will have to give away too much

5 Dowd-Lamb: The Public Plan Transfer ownership of some PPA parking garages to the CMPTF Infuse the full value of those PPA garages into CMPTF Increase CMPTF from 30% to 50% funded Dedicate revenue from assets to CMPTF PPA manages the assets and can build parking facilities in the future

6 Advantages of the Public Plan Transfer full value into the CMPTF and increase the fund to at least 50% of its obligation Dedicate revenue from the assets formerly owned by the PPA to the CMPTF Continue operation of PPA & ensure the long- term economic stability of Pittsburgh Keep Public Assets Locally owned and operated

7 Putting Public Plan into Action Mayor Ravenstahl knows about & is willing to consider the Public Plan Dowd-Lamb will present to the Mayor & City Council a road map for putting the Public Plan into action Mayor, City Council & all stakeholders will weigh all options carefully

8 The Public Plan : Solving Pittsburghs Pension Crisis Councilman Patrick Dowd Controller Michael Lamb March 2, 2010


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