Keeping Public Assets Public
Upcoming SlideShare
Loading in...5
×
 

Keeping Public Assets Public

on

  • 493 views

Plan from Patrick Dowd (member of city council) and Michael Lamb (controller), Pittsburgh politiicans, to transfer ownership of parking assets to a pension fund.

Plan from Patrick Dowd (member of city council) and Michael Lamb (controller), Pittsburgh politiicans, to transfer ownership of parking assets to a pension fund.

Statistics

Views

Total Views
493
Views on SlideShare
486
Embed Views
7

Actions

Likes
0
Downloads
1
Comments
0

2 Embeds 7

http://rauterkus.blogspot.com 6
http://www.slideshare.net 1

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Keeping Public Assets Public Keeping Public Assets Public Presentation Transcript

  • The Public Plan : Solving Pittsburgh’s Pension Crisis Councilman Patrick Dowd Controller Michael Lamb March 2, 2010
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • The Public Plan : Solving Pittsburgh’s Pension Crisis Councilman Patrick Dowd Controller Michael Lamb March 2, 2010