US - Pension fund investment shortfalls has resulted in the city of New York's pension expenditure, which is projected to reach US$5.8bn by fiscal year 2009, quadrupling since the nineties.
In the review of the city's financial plan, state comptroller Alan Hevesi and his deputy Kenneth Bleiwas said expenditure on nondiscretionary items, including pensions, will consume 49% of the city revenues by FY2009.
The figure predicted was four times larger than pension contributions made in the nineties and will see the total city expenditure growing by 8.7% in FY 2007.
This amount had increased by 12% since 2003. The pension contributions, which will top $5.8bn in less than three years' time, have been growing rapidly for the last six years.
Pension fund investment shortfalls between 2001 and 2003 where identified as the cause for the massive increase in contributions.
The rise in contributions was projected to curtail by 2010.
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