"...a group that has such a long and distinguished record in identifying and addressing crucial issues affecting the governments of the city and state of New York." Federal Reserve Chairman Ben S. Bernanke
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.
The cost to taxpayers of health insurance for New York City public employees and retirees has more than doubled in the last 10 years. It’s projected to grow by almost 40 percent and comprise 70 percent of the budget deficit in 2016.
The fiscal story of 2012 was one of both challenge and progress. As New York State, City and MTA budgets faced cyclical and structural hurdles, some major reforms were enacted, yet more work remains. CBC created 31 tables, 40 charts (2 interactive), 3 maps, 3 infographics and 1 budget navigator to convey these successes and obstacles throughout the year. These are some of the highlights.
Governor Andrew Cuomo and the New York State Legislature have successfully tackled serious budget issues in recent years, but important challenges remain. These must be addressed in his next budget in order to improve the state's fiscal condition and give local governments better tools to manage their structural deficits.