Competitive grants are an important element in Governor Andrew Cuomo’s approach to state aid for education. The new approach began on a small scale last year, and a review of the experience in the first year suggests the proposed expansion may be premature.
I am writing to share the views of the Citizens Budget Commission on Governor Andrew Cuomo’s proposal to allow local governments to opt into a “fixed rate” contribution plan to fund their public employee pension obligations. We believe this proposal would endanger the future financial viability of the pension plans and recommend you reject it.
On February 13th, lawmakers in the New York State Assembly had a busy day: they introduced eight bills enhancing the pension benefits of public employees and retirees. These bills would add at least $1.35 billion in costs to State and local employers.
Human capital is a hot topic. Thriving in the information economy requires a highly skilled workforce with specialized expertise and an ability to innovate. Attracting such a workforce is essential to New York's ability to retain strength in core industries and cultivate emerging ones.
The future econonomic prosperity of the New York City metropolitan area depends on attracting and retaining a highly-educated workforce. In coming years, economic growth will be driven by industries that require highly-skilled workers with specialized knowldge, technical expertise and an ability to innovate.
The cost of health insurance for New York City public employees and retirees is projected to grow by almost 40% by 2016 — rising to nearly $7 billion a year. That growth will amount to $1.5 billion of the $1.9 billion budget deficit projected for 2016.