PITTSBURGH -- The state-appointed Intergovernmental Cooperation Authority has approved Mayor Luke Ravenstahl's proposed 2009 budget and five-year financial plan.

Pittsburgh declared itself financially distressed under the state's Act 47 plan in 2003. The ICA is one of two groups overseeing the city's financial recovery.

In a statement Monday, the ICA said the city must continue to address the legacy costs of its debts, pensions, post-retirement health care and infrastructure.

"The city is doing a better job of staying focused on its financial recovery," ICA Board Treasurer Richard Stanizzo said in the statement. "We have begun to see stability in the current fiscal year. However, in the out years we see structural weaknesses and there's much to be done, including: addressing the legacy costs of debt and pension that continue to burden the city's outlook, as well as upgrading the city's accounting and financial management systems through technology. We also believe that by first attacking the public safety problem created by many years of deferred infrastructure maintenance that we can simultaneously address significant cost issues while improving the delivery of public safety services."

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