Pittsburgh to get $18M in gambling tax money for pensions - WFMJ.com News weather sports for Youngstown-Warren Ohio

Pittsburgh to get $18M in gambling tax money for pensions

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PITTSBURGH (AP) - Pittsburgh is receiving more than $18 million in gambling tax money under a settlement with its state-appointed financial oversight authority.

The Pittsburgh Intergovernmental Cooperation Authority approved the settlement on Tuesday.

A $7 million payment will be sent to the city's General Fund. An $11.2 million payment will be sent to the city's comprehensive pension fund. The money must be released within 10 business days.

The authority was created in 2004 to oversee Pittsburgh's finances as the city entered a program for distressed municipalities.

The authority releases the gambling money to help Pittsburgh reduce its debt and stabilize its pension funds. But it withheld the money in 2014 and 2015, hoping to encourage officials to implement a new financial accounting system.

The city sued last year to have the money released.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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