New York state and localities including Westchester County borrowed a record $1.4 billion to cover retirement contributions this year, showing how even the wealthiest communities are struggling to make the payments.
The top elected official in Ramapo, New York, Town Supervisor Christopher St. Lawrence, wanted a minor-league baseball team and a new stadium to house it. The park would cost about $20 million and taxpayers wouldn’t have to cover it, he and paid consultants predicted three years ago.
New York’s $124.8 billion pension fund, the nation’s third-largest, reduced the assumed rate of return on its investments to 7.5 percent from 8 percent as it recovers from market losses, Comptroller Thomas DiNapoli said.
Wall Street’s cash bonus pool is likely to fall for a second straight year as the financial industry grapples with market turmoil, economic weakness and new rules, New York state Comptroller Thomas DiNapoli said.
General Electric Co. agreed to examine expanding its cleanup of pollutants from a section of New York’s Hudson River after state Comptroller Thomas DiNapoli sought an investor vote on a study to widen the project.