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An explosive audit from City Comptroller Brad Lander released today urges dissolving a fund that helps finance city employees health benefits, concluding that it is billions of dollars in the red after being tapped for years by municipal unions and mayors in labor bargaining.
Declaring the Health Insurance Stabilization Fund “insolvent,” Lander’s auditors determined that the Health Insurance Stabilization Fund owes the city $3.1 billion, not counting obligations to vendors that have yet to be tallied for fiscal years 2024 and 2025.
The probe paints a picture of the city and municipal unions using the fund as a virtual piggy bank, authorizing $4.3 billion in payments from 2001 to 2024. Meanwhile a 2014 labor deal reduced the city’s obligations to pay into the health fund — ultimately shrinking the fund’s balance by $3.3 billion.
And it reveals that the city unions scrambled to set up Medicare Advantage as a cost-savings health plan for retirees as part of a gameplan to replenish the rapidly depleting
The audit’s existence spilled into public view when THE CITY obtained audio of an internal union meeting — and prompted the municipal unions in an internal memo to decry what they called a “false and biased” probe from the comptroller.
Read more here about the billions of dollars in the balance.
If you’re looking to stream movies for free during winter downtime, the Queens Public Library offers Kanopy to all card holders, and any New Yorker can get a card.
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