NYC Comptroller John C. Liu Puts Forward New Initiatives For Cutting Waste Spurring Investment

February 20, 2012
By Neal Tepel

City Comptroller John C. Liu on February 16, 2012 offered fresh ideas for cutting waste, spurring investment to ensure sustainable growth, and doing more to enhance the economic security of all New Yorkers – in a State of the City address delivered at the City College of New York. In addition to highlighting the nearly $1 billion in savings his office has identified over the past two years, Comptroller Liu outlined proposals and put forth an ambitious plan to battle unemployment, increase oversight of City finances, assist small business, and create a more level playing field for all New Yorkers.

Among the proposals:

· Taking advantage of low interest rates to accelerate capital construction projects, helping stimulate the economy and create 15,000 jobs.

· Working with telecommunications companies to offer low-cost internet access to more New Yorkers.

· Increasing the New York City Pension Funds’ economically-targeted investments by $1 billion, thereby putting money back into the local economy while at the same time generating solid returns.

· Enhancing the retirement security of New Yorkers in the private sector by having the same staff that manages the City’s pension system oversee a fund for private workers, leveraging their investment expertise and economies of scale.

· Slashing personal income taxes for 99 percent of New York City filers – joint filers with incomes below $500,000 – while nominally raising taxes on top earners.

· Establishment of a new government subcontracting system to finally track and monitor the billions of dollars spent on subcontractors each year.

· Introduction of Checkbook 2.0, the newest version of the Comptroller’s best-in-class website that gives the public the ability to see each agency’s budget, revenue, and contracts.

· A new 212-NO-WASTE hotline for New Yorkers to report waste.