Debt increases under Murphy's leadership.[]
In the past seven years, the city's debt rose from half-a-billion to a billion.
- In 1996, the fund ballance for the city was $112-million.
- In 1997, the Mayor Tom Murphy claimed that the fund balance and the city's budget was healthy.
- The $10-million neighborhood needs money was spent from the fund balance. Each council member $1-million to spend as he or she saw fit. This was much like WAM (walking around money).
- In 2004, the city's fund balance was $0. A short-term loan of $40-million was approved to cover bills to start the year. The Mayor Murphy's Administration paid nearly $1-million in fees and interest to PNC Bank and choose to ignore other avenues put forth from members of city council.
- In 2004, the city's finance director expressed the understanding that a short-term loan would be needed to start the year in 2006 as well as 2005.
Doug Shields of city council claims that there has been no transparency nor honesty in the debt for the city.
Pittsburgh's Bond Ratings were recently the worst of any city in America.[]
- S&P raises status to BBB, December 2004.
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- Debt-plank of Mark Rauterkus