Results tagged “citizensbudgetcommission”

A nice followup to that online database that allows you to look up the base salary of city employees: City employee pay and benefits have risen 63% in the past 8 years, according to the Citizens Budget Commission. Check out the chart above—you'll see that pay has gone up an average of 33%, while health insurance has gone up almost 100%. In private industry, between 2000 and 2008, salary + benefit compensation has only increased by 31% (salaries by 32%, other benefits by 40%).

Governor Spitzer nominated H. Dale Hemmerdinger to be Peter Kalikow's replacement as MTA Chairman. Hemmerdinger is a real estate developer with long and varied ties to New York City. He is the president of ATCO Properties and Management, which owns and manages two million square feet of residential, commercial, industrial, and retail space. A longtime backer of Democratic politians, Hemmerdinger's wife donated $40,000 to Spitzer's campaigns since 2000, and Mrs. Spitzer hosted a fundraiser at the Hemmerdinger's Central Park South home last month, according to the Daily News. He is also the former head of the nonprofit Citizens Budget Commission, where he recommended balancing the MTA's operating budget by hiking subway and bus fares, as well as increasing tolls for motorists.

At the MTA board meeting, Chairman Peter Kalikow said there "probably" won't be a monthly Metrocard fare hike next year. But the "probably not" is contingent on the MTA having another surplus year, which could be possible, if they played their real estate cards right. The MTA has assumed fare increases for next year (and other years), and while Gothamist would hate an increase, we do understand that it might have to happen, what with the MTA's billions in defict. The Citizens Budget Commission released their ideas on how to balance the MTA budget (PDF), which include congestion pricing, East River tolls, and other fees.

City government has never been sexier, as Standard & Poor's have given NYC an A+ to the city's debt rating, which is its best ever! So what does that mean? Public finance expert Dall W. Forsythe explains to the Times that the city can borrow at lower interest rates, more people will be willing to city bonds. And the Independent Budget Office points out to the NY Sun, "The lower your debt service costs, the less a drag it is on your other expenditures" (the city paid $4.6 billion in debt service last year). Yeah, a thrill-a-minute, but we wouldn't expect less from our billionaire mayor, because if there's one thing he knows about, it's money (give or take some issues about how to allocate it): He also told the Citizens Budget Commission that the rating "give me a smile on my face every once in a while."