State Comptroller Thomas DiNapoli reported that New York City is ending the current 2015 year with a huge $3,000,000,000 surplus. Tax revenues are coming in ahead of projections. The positive financial news will not end right away according to the Comptroller's forecast.
From JP Updates:
New York City's budget is balanced for next year, and the out-year budget gaps appear manageable," the State Comptroller Thomas DiNapoli said in a statement. "The city's economy is strong and shows no signs of slowing."
This is just the latest piece of evidence that the city wasn't broke as UFT President Michael Mulgrew claimed back in 2014 when he agreed to a sub-par contract with minuscule salary increases for UFT members.
If we take just 1/3 of that surplus and divide that $1 billion by 110,000 working UFT members, the result is each person could have received over $9,000 this year. Certainly with no sweat the city could have afforded to give us the 4% +4% salary increases other city workers received from 2008-2010 right away instead of making us wait until 2015 through 2018 to get those raises in four annual increases of 2% each.