Cities and states across the nation are facing serious fiscal challenges. New York City alone is projecting a deficit of over $4 billion for the next fiscal year. One of the largest single contributors to the city’s budget shortfalls is soaring employer contributions to its employee pension funds. These contributions have increased from two percent of New York City's municipal budget in 2000 to 11 percent in the last fiscal year, while the city's accrued health insurance benefits liability totaled $75 billion in 2010.
Former Lt. Gov. Richard Ravitch will deliver the keynote talk and New York Times metro columnist Michael Powell will guide a round-table discussion on these fundamental public challenges on Tuesday, October 25, starting 8:30 a.m. in the Woolworth Building (233 Broadway, between Park Place & Barclay Street), Room 430.
Join government officials, researchers, and key stakeholders for this first in a series of discussions about New York City’s long-term liabilities and pension costs – an overview. Panelists will include Mike Musuraca, independent pension consultant; James Parrott of the Fiscal Policy Institute; and Daniel L. Smith, assistant professor of public budgeting and financial management at New York University’s Robert F. Wagner Graduate School of Public Service.
The event is presented by The Fund for Public Advocacy, in partnership with the Office of the New York City Public Advocate, and NYU Wagner, with generous support from The New York Community Trust. It is free and open to the public. RSVP is required – go to http://wagner.nyu.edu/events/newyorkcity-10-25-2011.
Media coverage is invited – please contact Robert Polner at 212.998.2337 or firstname.lastname@example.org.