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GG-8-224 1 (1978-06-07)

handle is hein.gao/gaobadtrn0001 and id is 1 raw text is: COMPTROLLER GENERAL OF: THE UNITED STATES21 .. I.N.WASHINGTON. D.C. 2054a B-185522 08-224 JUN 7 1978 The Honorable William S. Moorhead Chairman, Subcommittee on Economic Stabilization Coimittee on Banking, Finance and Urban Affairs House of Representatives Dear Mr. Chairman: In your letter dated April 4, 1978, you requested we give you our in- formal views and assessments as to the projected impact of the recently negotiated labor contract covering the transit workers in New York City, assuming a similar contract would be negotiated with all municipal em- ployees. Your concern was whether such a contract could be funded within the city's 4-year financial plan. You asked for a cruick response and acknowledged that the response would have to be a preliminary one. We furnished such a response on April 25, 1978, and although more than 30 days have passed since that time the situation is essentially unchanged. Recognizing your Subcotmittee's active: involvement in the proposed legislation to extend further aid to New York City, we did not want to delay responding to-your request any longer. In our earlier response, we projected an increased cost to the city of about $870 million over the two years (fiscal years 1979 and 1980) of the contract if a settlement like the proposed transit workers contract.; were reached with all city workers. This estimate remains urchanged; however, it does not include increased pension costs of approximately $50 million a year which would result from the agreement. These costs would not impact on the city's 1979 and 1980 budgets because there is a 2-year lag in the city's funding of pensions. Therefore, the first impact of these additional costs would be in fiscal year 1981. - It remains speculative to discuss how the city would fund a settle- ment of $870 million, because the city's offers have been for a 2-year settlement at lower amounts. The city, therefore, has been planning.on ding these amounts rather than the higher cost projected here. .. s rath . .. .

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