Mayor Bill de Blasio announced last Thursday that the city's spending plan for fiscal year 2016 would include over $4 billion in reserves. He also once again pointed out that income taxes were coming in ahead of forecasts and he even acknowledged that the city economy is in a recovery.
De Blasio stated, "The economy continues to grow, with New York City adding 120,000 private sector jobs in 2014 for a record 3.5% growth."
Remember these little tidbits of information fellow UFT members as we examine our next pay stub that will include a 1% increase while we also finally will see the first 2% of the 8% salary increases that most other city employees received back from 2008-2010. We will not have the money from those years fully added to our checks until 2018. The back pay from 2009-2011 will be given in lump sums in October of this year, then in 2017, 2018, 2019 and 2020.
Furthermore, the Mayor in his budget presentation showed how city workers will soon be contributing healthcare savings to the city.
I keep recalling last year when UFT President Michael Mulgrew claimed the city's cupboard was empty as he sold us his substandard contract. The evidence continues to mount that the president was more than a little wrong.