As Governor Cuomo prepares his executive budget, he should seek structral changes that slow down the state's most potent cost-drivers (pensions, school aid and Medicaid), halt additional economic development spending and steer clear of budget tricks. Senior Research Associate Tammy Gamerman pens an op-ed for the New York Post.
The Office of the New York City Actuary is expected to recommend changes to the assumptions used to calculate the City’s annual pension costs. These changed assumptions will have an impact on the amount the City is required to contribute to its employee pension funds.
Yesterday, Mayor Bloomberg, Comptroller Liu and a number of city labor leaders announced an agreement that is intended to “depoliticize,” “professionalize” and “streamline” the way pension funds invest. This consolidation is meant to reduce the complexity, inconsistency and inefficiency of administering five different pension funds. This makes sense.
The Citizen Budget Commission congratulates Governor Andrew Cuomo on his veto of A6309/S4067, the bill that proposed allowing school districts to borrow over $1 billion for pension costs.
On the evening of Friday June 24 Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced an agreement on the City’s budget for fiscal year 2012; five days later, on Wednesday June 29, the Council voted to approve the deal and taxpayers got to see the specifics.
The CBC today released an analysis of bills recently introduced by New York State legislators that would increase the already-skyrocketing cost to taxpayers of retirement benefits for State and local employees. These bills, all introduced in the current legislative session, come despite the high tax burden in&n
State leaders have seized the opportunity presented by the unprecedented budget deficit to implement long-term solutions that will help restore the State’s fiscal strength. While the budget negotiations signaled a change in Albany’s working dynamics, some old habits die hard; indeed, some just won’t die at all.
Senior Research Associate Maria Doulis pens an op-ed on the need to reform public employee pensions that costs state and local governments nearly $1.5 billion.
The $1.6 billion in budget cuts announced by Mayor Bloomberg last month are the most recent example of the consequences of the national recession for local governments. New York provides a troubling example of how the inability to contain costs associated with a large municipal workforce imposes a greater burden on the most vulnerable populations, notably low-income children.
Printer-friendly version
