New York City Comptroller Elizabeth Holtzman recently blamed the state Legislature for failing to approve three bills worth $41 million to the city in fiscal 1994.
One proposal, supported by Holtzman, would have allowed the city to merge parts of the police and fire pension funds. This proposal, Holtzman said in a press release, would have saved the city $20 million in fiscal 1994.
Holtzman also said the Legislature failed to approve the proposed state takeover of the city's contribution for the Medicaid program, which would have produced $17 million in savings in fiscal 1994.
Lawmakers, she said, then cost the city $4 million in interest earnings by failing to approve direct state funding of the City University of New York. At the moment, the city advances money to CUNY, and is reimbursed by the state.
Holtzmnan in the release also blasted the state Legislature for failing to approve a proposal that would have made it easier for the city to sell certain types of bonds.
The legislation would have made it easier to sell bonds directly to foreign investors and enter into interest-rate swap agreements.
