Pension $$$ surprise in post-election budget report by E.J. McMahon | | NYTorch

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New York’s state government pension costs will be nearly $1.6 billion above previously projected levels over the next four years, according the Mid-Year Financial Plan Update that was finally issued today—11 days behind schedule, and nearly a week after Election Day—by Governor Andrew Cuomo’s Division of the Budget (DOB).

Cuomo blocks vets’ pension sweetener by E.J. McMahon | | NYTorch

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Calling it an "oppressive unfunded mandate" that would impose $57 million in "near term obligations" on local governments across New York State, Governor Cuomo has vetoed a bill that would have allowed public employees to claim up to three years worth of pension service credit for time spent in peacetime military duty.

“Smart” sounded good to 62% by E.J. McMahon | | NYTorch

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Who could be against “smart schools”?

The unsurprising answer: not nearly enough New Yorkers to defeat Proposal 3 on yesterday’s statewide ballot, which authorizes $2 billion in state borrowing to finance local school district purchases of computers and other classroom technology; expand schools’ high-speed and wireless Internet capacity; install “high-tech security features”; and build new classrooms for pre-kindergarten programs.

Cuomo late again with fiscal report by E.J. McMahon | | NYTorch

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Governor Andrew Cuomo, who frequently cites his success in producing “on-time budgets,” is once again behind schedule in releasing the statutorily required Mid-Year Update to the New York State’s financial plan.

The Mid-Year Update for fiscal 2014-15 was due Oct. 30, last Thursday, under Section 23.4 of the State Finance Law.* As of Election Day morning, no update had appeared on the website of the governor’s Division of the Budget (DOB).

How have past bond proposals fared? by E.J. McMahon | | NYTorch

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Over the past 50 years, New York voters have been presented with 23 general obligation bond issues, including this year’s proposal to borrow $2 billion for school technology and the building of pre-kindergarten classroom space. The outcome of the last 22 votes is evenly split, with 11 proposals passing and 11 failing.

Benchmarking the incumbent by E.J. McMahon | | NYTorch

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Gov. Andrew Cuomo’s re-election bid is based on the assertion that he has “turned around” New York. However, the economic data pain a more mixed and muted picture of the state's recovery during his tenure.

Here comes a vet pension sweetener by E.J. McMahon | | NYTorch

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After holding it for four months, the state Senate has just sent Governor Andrew Cuomo a bill that would add hundreds of millions of dollars to state and local pension costs by allowing public employees to claim pension service credit for time spent in peacetime military duty.
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