March 26, 2012
By Thomas P. DiNapoli, NYS Comptroller
The agreement reached between the Governor and the Legislature on Tier VI will reduce pension costs for new employees. But this new tier will not significantly lower costs for local governments in the short run. I am pleased that it does not include the inadequate 401k–style plan originally proposed. My office will be reviewing the specifics of Tier VI in the coming days and provide guidance to municipalities on implementation.
New York City Financial Position Improves But Risks Remain
New York City’s fiscal condition continues to improve, but the city still faces sizeable out–year budget gaps because it has continued to rely on nonrecurring resources to balance next year’s budget, according to an analysis of its fiscal plan by New York State Comptroller Thomas P. DiNapoli.
Local Governments Bearing Burden of Foreclosure Properties
The majority of municipalities in New York State were not aware of state laws allowing them to require foreclosing lenders to maintain vacant or abandoned properties even as 40 percent of them utilized local laws or ordinances to impose maintenance requirements, according to a survey conducted by New York State Comptroller Thomas P. DiNapoli.