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Overseers approve Pittsburgh financial plan

| Thursday, Dec. 9, 2010, 12:00 p.m.

The Intergovernmental Cooperation Authority Wednesday approved Pittsburgh Mayor Luke Ravenstahl's five-year financial plan.

The budget calls for spending of nearly $451 million in 2011, and revenues of $455 million. In 2012, the plan says, the city will raise $469 million and spend $450 million.

This was the third financial plan Ravenstahl submitted to the authority, which began overseeing the city's finances after the city was declared financially distressed in 2004.

The board previously rejected Ravenstahl's plan because it contained revenues from a parking lease that City Council refused to approve, and the board said the city didn't address how it would pay for higher pension payments.

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