Mayor Corey O'Connor is "sounding the alarm" about the the city's finances.

Mayor Corey O'Connor is "sounding the alarm" about the the city's finances. In an interview with KDKA's Marty Griffin, O'Connor said the city's financial position is worse than first thought. He said Pittsburgh's projected budget deficit over the next five years is $250 million. That number is about two times more than the city's rainy day fund. One reason for the red ink is the Gainey administration underestimated city spending and overestimated tax revenue. A budget for the next year is due at the end of the month.