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Pittsburgh pension funds will get $18M in gambling tax revenue

| Tuesday, Aug. 16, 2016, 5:57 p.m.

A long-running feud between Pittsburgh and a state financial oversight authority ended Tuesday.

The Intergovernmental Cooperation Authority's board of directors voted 3-1 to approve an agreement that earmarks $18 million in withheld gambling tax revenue for Pittsburgh's pension obligations.

Members approved the deal with the city during a special board meeting at the City-County Building, Downtown. Authority Treasurer Michael Danovitz cast the lone dissenting vote. He said the proposal didn't do enough to address the city's pension debt. Board member Nicholas Varischetti did not attend the meeting.

The ICA withheld gambling tax revenue from the city in 2014 and 2015 in an effort to force officials to implement a new financial accounting system. Pittsburgh filed a lawsuit against the ICA in July 2015 seeking the release of the funds.

The agreement reached Tuesday requires the city to dismiss the litigation.

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