Archives
Comments on New York City’s Fiscal Year 2016 Adopted Budget
EXECUTIVE SUMMARY Since last year’s June FY 2015 Adopted Budget and Financial Plan, which showed a projected FY 2016 gap of $2.63 billion, the City has identified $5.94 billion of additional resources. These resources eliminated the projected gap and funded... Read More
Jul 30, 2015
A $15 Minimum Wage for New York City Food Service Workers
As Americans have grown increasingly concerned about economic inequality and stagnant wages, a national consensus has formed that the minimum wage must be raised. However, with partisan divisions in Washington immobilizing the federal minimum wage at $7.25/hour since 2009, the... Read More
Jun 14, 2015
Comments on New York City’s Fiscal Year 2016 Executive Budget
EXECUTIVE SUMMARY New York City’s recovery from the recession has matured into a solid expansion, with the city’s economy 13 percent larger compared to what it was before the recession. Unlike expansions of the late 1990s and mid-2000s, Wall Street... Read More
Jun 9, 2015
The “Invisible Fare” Revealing NYC’s Full Contribution to the MTA
EXECUTIVE SUMMARY The Metropolitan Transportation Authority (MTA) is at a critical juncture. While ridership is up, underscoring the essential need for public transit in the lives of so many New Yorkers, delays are up as well. The latest Capital Plan... Read More
May 27, 2015
Holes in the Safety Net: Obamacare and the Future of New York City’s Health & Hospitals Corporation
EXECUTIVE SUMMARY Five years after its passage, the Patient Protection and Affordable Care Act (“ACA”) has been rightly hailed as a historic accomplishment. The expansion of Medicaid, creation of subsidized health insurance exchanges, and other ACA-related reforms have provided coverage... Read More
May 11, 2015
The Impact of Management Fees on Pension Fund Value
EXECUTIVE SUMMARY At Comptroller Stringer’s request, the Bureau of Asset Management (BAM) analyzed the total dollar impact of active management fees on the value of the New York City public pension funds over the last 10 years. This required a... Read More
Apr 17, 2015
Comments on New York City’s Preliminary Budget for Fiscal Year 2016 and Financial Plan for Fiscal Years 2015-2019
EXECUTIVE SUMMARY New York City is now in the sixth year of recovery from the last recession. The national economy continues to grow, but at a slower rate compared to the growth experienced in the 1990’s. For four of the last five... Read More
Mar 4, 2015
A Closer Look: FY 2014 Actual to Planned Capital Commitments
Capital spending is essential to maintaining New York City’s economic prosperity and providing an improved quality of life for its residents. The City’s capital budget provides funding for a wide variety of physical improvements to assets valued at $35,000 or... Read More
Feb 24, 2015
The Slippery Cost Slope of Ice and Snow Removal in New York City
When major winter storms hit New York City, the task of removing ice and snow from city streets can be gargantuan – and expensive. The old oft‐cited adage is that the City spends $1 million per inch of snow removal. However, a... Read More
Jan 29, 2015
Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Actuarial Audit of Employer Contributions for Fiscal Year 2012 (2010 lag valuation)
New York City Retirement Systems Actuarial Audit of Fiscal Year 2012 (June 30, 2010 Lag Valuation) Employer Contributions October, 2014 EXECUTIVE SUMMARY Background Gabriel, Roeder, Smith & Company (GRS) was retained by the Comptroller to serve as Independent Actuary under... Read More
Oct 28, 2014
Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Administrative Review of Actuarial Data
Please download the PDF report.
Oct 28, 2014
Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Experience Study Appendix 1 NYCERS General Experience
Please download the PDF report.
Oct 28, 2014
Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Experience Study Appendix 2 NYCERS Transit Experience
Please download the PDF report.
Oct 28, 2014
Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Experience Study Appendix 3 NYCERS Sanitation Experience
Please download the PDF report.
Oct 28, 2014
Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Experience Study Appendix 4 NYCERS Corrections Experience
Please download the PDF report.
Oct 28, 2014