"Since its founding in 1932, the CBC has earned a reputation for independence and objective research. It is a leader in advocating for government reform." NYS Attorney General Andrew Cuomo
The fiscal realities of the time have not deterred the Legislature from advancing dozens of bills enhancing benefits for State and local employees and retirees. The CBC has been tracking the progress of 25 of these bills on its annual Sweetener Scorecard.
With the passage of the temporary spending bill today New York will begin a forced savings plan through the furlough of State employees. With a $9 billion budget gap yet to be addressed this year and a $20 billion gap in just three years, savings are urgently needed and labor is one of the right areas of the budget in which to seek them.
CBC President Carol Kellermann explains how the State can cut spending equitably in the three largest areas of the budget: Medicaid, education, and employee benefits.
A comparative analysis of the 50 states indicates that New York's debt burden is in a "danger zone;" it is well above national averages and greater than that of all but three states. As a result New Yorkers are currently paying about $5.6 billion in debt service, and in four years the state's credit card obligation will be over $7.1 billion or one of every ten dollars paid in taxes.
CBC released a report on New York State's debt burden, which raises serious concerns about the existing levels of debt and comes at a time when the State is considering ways of addressing a budget gap of more than $9 billion.
The CBC commends Legislators for moving to help counteract the mounting pressure on state and local budgets by putting a new and less costly benefit plan in place for new public employees.
