PITTSBURGH — Pittsburgh Mayor William Peduto says his administration is ready to work with state officials to write a new financial recovery plan.

Peduto predicted Thursday that a new plan he’ll issue this spring to City Council will extinguish Pittsburgh’s debt, pensions, spending and investment problems for good.

It would be the city’s third plan under the state’s distressed cities program, called Act 47, since it entered in 2003.

Peduto’s predecessor, Luke Ravenstahl, balanced the budget six years in a row, saw the city’s credit rating rebound from junk-bond status and oversaw pension system improvements.

But Peduto has said the city still needs to find ways to improve its pension solvency, share services and get the city’s huge nonprofit sector to pay its share of city services.