• halcyoncmdr@piefed.socialEnglish
    561·
    2 months ago

    It’s not even more money yet. This is just the same city funds being redistributed to areas where it can be useful.

    Meaning ANY Mayor could have done this, they chose not to.

    • saltesc@lemmy.world
      2·
      2 months ago

      This is just the same city funds being redistributed to areas where it can be useful.

      You’re mad! Mad, I say! It’ll never work!

    • boonhet@sopuli.xyz
      13·
      2 months ago

      Welllll one of the ways he did it was by delaying pension fund payments. So it’s not all roses.

      • kbobabob@lemmy.dbzer0.com
        17·
        2 months ago

        That pension system is nuts btw.

        These savings would be achieved by smoothing out a bizarre feature of the city’s pension payment schedule instituted in 2010, which had required accelerating payments through to fiscal year 2032, at which point the payments would turn negative and the pension funds would return money to the City over a seven-year period. The $8.2 billion “contribution cliff” created by this structure was not reasonable fiscal policymaking. The proposed change unwinds this drop off by smoothing payments over an additional five years. It does not—and cannot—affect the pensions owed to City workers or impact the City’s ability to meet those commitments.

        Source: https://fiscalpolicy.org/explainer-the-proposed-restructuring-of-new-york-city-pension-payments