As teachers and other educators wait until 2020 to receive the full raises and back pay most other city workers took home between 2008 and 2010, the city is projected to end the 2016 fiscal year with plenty of money to spare. This year's projected surplus is $3.4 billion.
According to State Comptroller Thomas Di Napoli, "The projected 2016 surplus stems largely from unanticipated growth in tax revenues, debt service and agency savings, and a drawdown of reserves not needed in the current year."
Di Napoli might want to add to this a big thank you from the city to UFT President Michael Mulgrew for settling for 10% over 7 years as a pattern raise for municipal unions and deferring teacher raises of 4% and 4% from the last round of bargaining until 2018. As of today only half of the raises from the last round have been added to our pay. The retroactive money from those years that is essentially an interest free loan we made to the city won't be fully paid back to us until 2020.
As the city ends another year with billions of dollars of surplus cash, teachers will be getting repaid a big fat 0% of the money in 2016 for the work we did from 2009-2011. The next payment date isn't until October 1, 2017. Throw in higher health care costs, no relief from administrator abuse or anything on class sizes or any other improvement in our working conditions and this adds up to a truly lousy contract that is not getting better as it ages.
At least the majority of high school teachers who voted held Mulgrew and his Unity Caucus accountable by voting for opposition groups in the recent UFT election. Now everyone needs to know what's going on.
Di Napoli notes a slowing economy and sees some storm clouds on the horizon. I think we can reasonably forecast that the city will be crying poverty again around the time our contract is up in 2018. Unity will more than likely be telling us the city is broke too.