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“City Council to embrace sanity on cost-saving retiree health plan” Kudos to Speaker Adrienne Adams, who’s leading the City Council to the obvious compromise on health-care plans for retired city employees. The courts have ruled that Mayor Eric Adams has the power to simply enroll 250,000 eligible retirees in a high-quality Medicare Advantage plan and…
“Adams is doing right in finding savings now — despite some ugly details” Kudos to Mayor Eric Adams for moving smartly to limit the municipal payroll as more bad budget news rolls in. In his third round of budget cuts this year, Budget Director Jacques Jiha on Monday ordered most city agencies to fill no…
“NY budget swells to $104B despite Adams-ordered 3% cuts” Projected city spending will surge to $104 billion this fiscal year — up about $3 billion — despite across-the-board budget cuts ordered by Mayor Eric Adams in September, City Hall said Tuesday. The added spending includes as much as $1 billion on the migrant crisis, with…
“Mayor Eric Adams’ nuclear option would save NYC billions in retiree healthcare costs” New York City is needlessly losing $50 million a month meeting its obligation to cover retired municipal workers’ health-care costs; most unions are on board with a plan that would save that cash while giving each retiree options. But because the City…
“NYC temporarily barred from proceeding with school budget cuts” A Manhattan judge on Friday temporarily barred New York City from moving forward with school budget cuts amid plunging student enrollment. The ruling by Manhattan Supreme Court Justice Lyle Frank, which temporarily keeps school funding at the levels outlined last year, was sought by a group…
“Sinking stocks, dicey economy may hand NYC’s Eric Adams major budget crisis” Mayor Eric Adams’ $101 billion budget may be more fiscally responsible than any of his predecessor’s spending plans, but the ailing economy, and market, threaten to trigger a giant shortfall. To keep the city in the black — without raising taxes and fees…
“Bear market spells big trouble for NY state and city budgets” Wall Street generates an outsized share of New York’s tax revenue, so the recent drop in stock prices should worry both Gov. Kathy Hochul and Mayor Eric Adams — even if a recession doesn’t quickly follow. The securities industry generates 20% of total private…
“NYC Council’s progressives let down constituents by putting ideology first” Bipartisan cooperation has its rewards. City Councilwoman Tiffany Cabán and five of her progressive colleagues just learned that the hard way — and at the expense of their own constituents. The six democratic socialists let ideology trump cold, hard cash for district-specific needs — even…
“NYC’s $105B budget barely nods at soaring inflation despite boost in reserves” No city budget is inflation-proof. But in the $104.9 billion budget deal he made with the City Council last Friday, Mayor Eric Adams is making the budget slightly more inflation-resistant, with higher rainy-day reserves. That’s better than nothing. But the numbers nevertheless show…
“Rainy days are coming, Mayor Adams: Save big now” Citizens Budget Commission chief Andrew Rein rightly calls on Mayor Eric Adams to put more than half of $4.5 billion in newfound revenue (over two years) into reserve funds to ensure that essential public services are protected when the next recession hits. We’d be happy if…