Today, the U.S. Census Bureau released new figures on public retirement systems.[1] A quick look at the data underscores why New York’s pension system is costly, how it is out of line with others and why reform is needed.
Part of Governor Andrew Cuomo’s “Tier VI” proposal to make pension benefits for public employees of New York’s State and local government more affordable and sustainable over the long term is an optional 401(k)-style plan.
Governor Andrew Cuomo’s budget proposals for fiscal year 2012-13 include an important first step towards fixing a longstanding flaw in the way New York pays for its Medicaid program.
Last month, the Spending and Government Efficiency Commission (SAGE Commission) appointed by Governor Cuomo issued its final report. One notable recommendation is that a renewed effort be made to improve the accountability of State government through the creation of a performance management system.
This month’s overhaul of New York’s tax code was an important step in closing the estimated $3.2 billion gap in New York State’s fiscal year 2012-13 budget.
In a report commissioned by the CBC, the Rockefeller Institute of Government finds that downstate gives more to the state in taxes and revenues than it gets back in expenditures for services and other assistance. Upstate, on the other hand, gets more than it gives.
New York’s local share Medicaid policy, which requires counties to pay a portion of program costs, is out of line with other states, causes taxpayers in some counties to pay more for Medicaid on average than taxpayers in neighboring counties, and undercuts efforts to control costs. Use CBC’s online tool to estimate and compare average local Medicaid costs according to home property value in neighboring counties. An infographic describes visually the effects of this long-standing problem.
In June 2010 the New York State budget was two months past due; Governor David Paterson’s calls for state employee furloughs and salary freezes had been rebuffed by labor union leaders; and a no-layoff pledge for state workers, agreed to in exchange for pension reforms for new hires, was in effect through the end of the calendar year.
In July the New York State Comptroller reported that tax collections for the first quarter of the fiscal year (April through June) came in $799 million higher than original projections and that disbursements came in $1.2 billion below projections.[1] A more recent update covering July reported that receipts came in $351 million short for that mon
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