Politicker: Mayor Bloomberg Touts Balanced Budget While Warning Of ‘Ticking Time Bomb’ In Pension Fund
Politicker: Mayor Bloomberg Touts Balanced Budget While Warning Of ‘Ticking Time Bomb’ In Pension Fund
By Hunter Walker
February 2, 2012
Mayor Michael Bloomberg revealed his preliminary budget plan for the final months of the current fiscal year and fiscal year 2013, which begins in July at City Hall today. While he touted the balanced 2013 budget that closed a $2 billion gap without tax increases, the mayor also warned of potential problems down the road if the pension system, which is not under city control, is not reformed.
“Right now, our pension system is fairly described as a ticking time bomb,” Mayor Bloomberg said.
