Finances

City Government
11:12 am
Thu July 3, 2014

City Lost More Than $70,000 In Bad Checks In 2013

An example of a check returned to the city by the bank because it was illegible.
Credit Liz Reid / 90.5 WESA

Since 2008, the city of Pittsburgh has lost more than $380,000 from checks returned by banks, due to non-sufficient funds or other problems.

Controller Michael Lamb announced the losses at a press conference Wednesday, saying he had just issued recommendations to the Department of Finance about how to fix the problem.

Chief among his recommendations: compile a list of all the points of entry for payments by check coming into the city.

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City Government
5:07 pm
Wed June 25, 2014

Debt Is Down and Spending Is Up, Says Pittsburgh Controller Michael Lamb

City of Pittsburgh Controller Michael Lamb says an interactive version of the Popular Annual Financial Report will be available online for the first time this year.
Credit Liz Reid / 90.5 WESA

There’s good news and bad news.

That was the message from city of Pittsburgh Controller Michael Lamb Wednesday, as his office released its 2013 Popular Annual Financial Report. Lamb called the report the “layman’s version” of the city’s Comprehensive Annual Financial Report, which was released early this year.

The good news, said Lamb, is that the difference between the city’s liabilities and its assets shrunk by $4.1 million in 2013, to $423.8 million. In 2007, the gap was close to $600 million.

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Essential Pittsburgh
4:24 pm
Wed April 9, 2014

Building a Financial Timeline: Why Students Need to Be More Proactive With Money

Students are coming out of college with thousands of dollars of debt and Gene Natali says he can help them secure their financial futures.
Credit 401(K) 2013 / Flickr

Many college students have very little to no experience in financial planning, which is why University of Pittsburgh Professor of Finance, Jay Sukits, created an event to help students become financially literate.

Gene Natali, Senior Vice President at CS McKee and co-author of The Missing Semester is speaking at the event, Money 101-Taking Control, dedicated to teaching high school and college students about managing their finances.

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Essential Pittsburgh
5:16 pm
Thu August 1, 2013

Pittsburgh and Detroit: A Tale of Two Cities

Did the federal government's bailouts of the auto industry worsen the city's predicament?
Credit Dave Rezendes/Flickr

Since the beginning of the great recession, Pittsburgh has often been touted as a shining symbol of economic recovery in the rust belt, while Detroit has become the poster-child of nearly apocalyptic economic strife. So what has allowed the Steel City to thrive while the Motor City has stalled? According to Antony Davies, an Associate Professor of Economics at Duquesne University, the answer lies in the two city’s differing approaches to the collapse of their largest industries.

He notes that while Pittsburgh weathered the painful collapse of the steel industry without support, “when Detroit fell on hard times, it turned to the federal government.”

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