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Deficits Push New York Municipalities to Desperation
"...Even as there are glimmers of a national economic recovery, cities and
counties increasingly find themselves in the middle of a financial
crisis. The problems are spreading as municipalities face a toxic mix of
stresses that has been brewing for years, including soaring pension, Medicaid
and retiree health care costs. And many have exhausted creative
accounting maneuvers and one-time spending cuts or revenue-raisers to
bail themselves out..."
"...New York City’s annual pension contributions have increased to $8 billion from $1.5 billion over the past decade..."
"...Three percent of New York property tax collections were used to pay
pension costs in 2001; by 2015, pension costs are expected to eat up 35
percent of property tax collections..."
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