New York City narrowed its projected 2013 budget deficit to $2 billion from $4.6 billion through agency spending cuts and $1 billion in revenue from new taxi medallion sales, according to Mayor Michael Bloomberg.
New York Mayor Michael Bloomberg endorsed Republican U.S. Senator Scott Brown of Massachusetts for re-election against Elizabeth Warren, a Democrat and Harvard Law School professor who helped create the federal Consumer Financial Protection Bureau.
The bankruptcy of Detroit, which may cut retirement benefits of 30,000 current and former city workers, is causing investors to scrutinize billion-dollar shortfalls in government pensions in other parts of the country.
New York City’s $140 billion retirement system pays Wall Street money managers about $360 million a year, the only one of the 11 biggest U.S. public- worker pensions that refuses to manage any assets internally. Larry Schloss, the city’s chief investment officer, says the practice must end.
New York City officials are calling on investment bankers to help find ways to extract more revenue from city assets, including its parking meters and garages, real estate and infrastructure, while reducing costs.