|Event:||Restructuring New York: Will the State and Cities Recover When the Economy Does?|
|Location:||Jacob Burns Moot Court Room, Cardozo School of Law|
Richard Ravitch, Former Lt. Governor of New York
Richard Brodsky, State Assembly, New York
Harry Wilson, Chairman & CEO MAEVA Group, LLC; 2010 Republican Nominee, NY State Comptroller
Jonathan Henes, Partner, Kirkland & Ellis; Member, Economic Club of New York; Chairman, The Heyman Center Advisory Committee
Kathryn S. Wylde, President & CEO, Partnership for New York City
The national economy may be showing signs of a nascent recovery. However, cities and counties may be caught in an ongoing financial crisis. New York is not immune. New York's cities, including NYC, are experiencing rising pension, Medicaid and other retiree healthcare costs. New York City's annual pension contribution increased from $1.5 billion to $8 billion this decade. As these costs increase, cities and towns need to make tough - if not impossible - choices on where to spend limited funds. To fill holes in their budgets, cities are borrowing in the municipal bond market. At the same time, rating agencies are on the look out - over the last year downgrading the debt of Rockland County, Yonkers, Long Beach and Utica. This crisis impacts the everyday lives of New Yorkers and there are no easy answers. What can be done? What are the long term prospects for New York's counties, cities and towns - and for New York State itself. A prominent panel of New York leaders will discuss the problems and the potential solutions. One thing is for sure, New York needs to act now.