The Independent Budget Office has issued their latest report on the city's finances and the city's surpluses are continuing as they have been since the city signed their pattern setting contract with the UFT giving city workers 10% total raises over 7 years.
UFT members also gave the city an interest free loan of two 4% raises from the last round of collective bargaining where we will not be paid back in full until 2020. Throw in healthcare savings and little, if any, working condition improvements and we are certainly owed a thank you from City Hall for helping them out
Here is some of what the IBO said:
Based on IBO’s analysis of tax revenues and spending as presented under the Mayor’s plan along with our own updated economic forecast, we estimate the city will end the current fiscal year with a surplus of $801 million, which is $362 million above the de Blasio Administration’s estimate. This surplus estimate does not include the $1.5 billion currently sitting in two reserves within the fiscal year 2017 budget—these reserves are counted as expenditures but do not currently support any specific spending needs.
Don't expect a thank you from the Mayor or any kind of early repayment of our loan to the city but instead look for a possible top-down early endorsement from the UFT for de Blasio's reelection.
Meanwhile, separate grand juries are investigating the Mayor and his aides over fundraising law violations and de Blasio has already been fined for violating NYC campaign fundraising rules.
I ask our readers: What has Bill de Blasio done to deserve our support?