Reamortization and issuing of pension obligation bonds could crush city’s finances<\/p>\n
BY HARPER FREEMAN<\/p>\n
Posted 4\/10\/26<\/p>\n
Two pension reforms proposed by the City Council last week that would have the city reamortize its pension fund commitments and issue pension obligation bonds, while saving the city over \u00a0$1 billion this year, could burden the city with several billion dollars of obligations over the two decades and spell financial ruin, experts warn.\u00a0<\/p>\n
As a response to the first preliminary budget<\/a> of Mayor Zohran Mamdani\u2019s tenure, the City Council released their own budget analysis that rectifies an estimated $6 billion budget gap without raising taxes on the state\u2019s wealthy, raising property taxes or taking hundreds of millions from the city\u2019s reserves, as Mamdani has pushed for. Instead, the Council identified $3.5 billion through revenue re-estimates and pushed the city to raise more funding through a series of unconventional means including raising boat docking fees and leasing rooms in the Brooklyn Bridge. \u00a0<\/p>\n This item is available in full to subscribers.<\/p>\n \t\tAttention subscribers<\/p>\n \n\t\tWe have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.\n\t<\/p>\n \n\t\tIf you have an active digital subscription, then you already have an account here. Just reset your password<\/a>, if you’ve not yet logged in to your account on this new site.\n\t<\/p>\n \n\t\tIf you are a current print-only subscriber, and want access to our website,click here<\/a> to view your options for changing you subscription level.\n\t<\/p>\n \n\t\tOtherwise, click here<\/a> to view your options for subscribing.\n\t<\/p>\n \t\t\tPlease log in to continue<\/p>\n Need an account? \t\tDigital subscribers<\/p>\n \n\t\tIf you’re a digital subscriber, but do not yet have an online account, click here<\/a> to create one.\n\t\t<\/p>\n \t\tPrint-only subscribers<\/p>\n \n\t\tIf you’re a print-only subscriber, click here<\/a> to view options for changing your subscription level.\n\t\t<\/p>\n \t\tNon-subscribers<\/p>\n
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