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| THOMPSON: NEW YORK CITY MUST REMAIN COMPETITIVE, PROVIDE SKILLS AND HOPE TO ALL RESIDENTS
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View the Comptroller's remarks
In a speech to hundreds of the city’s business, government and civic leaders, Comptroller William C. Thompson, Jr. stressed the importance of maintaining the city’s competitive edge so that businesses large and small can succeed and a next generation of workers can find greater opportunity in an increasingly competitive global economy.
“A competitive city is a skilled city. A skilled city is a city that works. A city that works is a city of hope,” Thompson said at the Association for a Better New York breakfast. “A city of hope is a city that can weather downturns, fend off competition both domestic and foreign, and provide access to the tools for success for all of its residents.”
Thompson’s plan - available at www.comptroller.nyc.gov – stressed that success as a city hinges on making sure that the needs of a changing workforce are met and that roadblocks that hamper prosperity and success for all residents be removed. The plan is rooted in concern that the city may experience diminished strength in the global economy.
“There are signs that our decades-long position as a skilled city and the financial capital of the world are becoming less secure,” Thompson said. Yet, he added: “I have no doubt that we can meet the challenge of preserving both our established and emerging business sectors while nurturing a skilled workforce… We can and must put New York on a course to remain competitive at every level.”
And the way to do that, Thompson said, is to reinforce areas to help both those with strong footing already but also others to take a solid first step. Among Thompson’s plans:
- Easing provisions of the Sarbanes-Oxley Act to prevent them from hindering opportunities for growth. “We simply cannot tie the hands of our corporations if we seek to remain at the cutting edge of business,” he said.
- Addressing airport congestion that is forcing travelers to reconsider New York City stops because of extensive delays, economic costs amounting to $50 per hour per passenger. Said Thompson: “That lost income undermines our city’s ability to remain a premiere location for attracting tourists and transacting business.”
- Fighting to ensure that the securities and real estate industries remain strong and robust.
- Establishing a database within the New York City Department of Business Services in coordination with the city’s largest companies and non-profits to identify available space that could connect established and emerging businesses. “This way,” he said, “larger firms would help to incubate smaller ones. Making the machinery of government serve our small businesses is critically important to our city’s future growth and success.”
- Identifying taxes, fines and fees that unfairly hamper the growth of businesses.
- Changing tax regulations that unduly burden small firms, such as the unincorporated business tax, or UBT, and the double taxation on sub-chapter S corporations. “The income level at which the UBT kicks in is still too low and the range over which the UBT tax credit declines isn’t indexed for inflation,” he said.
“While we work to preserve the strength of both small businesses and the larger corporate interests that have traditionally fueled our economic growth, we must also work harder than ever to create a sense of hope among the young people who will comprise the city’s future labor force,” Thompson said. |
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| THOMPSON REPORTS ON NEED FOR CITY TO STRENGTHEN CAREER AND TECHNICAL EDUCATION
Comptroller Thompson issued a comprehensive plan to address the city’s waning support for career and technical education through vocational high schools.
The report, “The Future is Now,” - available at www.comptroller.nyc.gov – found that the New York City Department of Education has not prioritized the needs of the city’s Career and Technical Education (CTE) programs. During the 2004-05 school year, there were 6,288 students in city schools in State-approved CTE programs, and 103,499 students in not-yet approved programs. The report found that:
- As a result of funding CTE high schools at a lower level than general academic high schools, the ability of the DOE to offer CTE programs that meet the needs of industry and students has been compromised.
- Federal vocational education funding for CTE in the city does not fill CTE funding gaps.
- DOE’s new Fair Student Funding system, which has been partially implemented in the current school year, does not met schools’ special funding needs.
- Principals report they have little direct assistance from DOE’s Central Administration to develop critical partnerships with private industry that can lead to internships, apprenticeships, job placements and donations of essential equipment and supplies.
- Difficulty attracting qualified CTE teachers is the greatest challenge facing CTE schools.
- DOE recently reduced the number of staff in its Central Administration assigned to CTE from 27 to 10.
Thompson recommended solutions: increasing funding to CTE schools and programs to reflect actual costs; developing more private partnerships; expanding academic intervention programs for CTE-enrolled students; making a five-year graduation the standard for some CTE programs and schools; including CTE components in the new DOE school report cards; and, establishing a Learning Support Organization exclusively for CTE schools and other schools with large CTE enrollments.
“The global economy has created a greater demand for more sophisticated skills. In the information economy, employers in an expanding array of fields are demanding ever more highly skilled technical workers,” he said. “By providing trained workers in areas of labor market need, from nursing assistants to office computer network maintainers, a robust CTE program can become a vital contributor to New York City’s economy.”
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THOMPSON CALLS ON MTA TO DELAY FARE HIKE
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| New York City Comptroller William C. Thompson, Jr. joins state legislators, city officials and transportation advocacy groups at a City Hall news conference on October 17 to urge the Metropolitan Transportation Authority to delay a looming fare hike. |
Comptroller Thompson joined a coalition of state legislators, city officials and transportation advocates on the steps of City Hall today to call on the Metropolitan Transportation Authority (MTA) to delay the fare hike until state lawmakers consider legislation introduced this month to increase State aid to New York City Transit.
Thompson said that the MTA’s finances should be considered as part of the State budget to be adopted by April 1st of next year.
“We are here today because riders deserve a subway, bus, and rail system that is the best in the world. As New Yorkers, it seems that every day we hear about yet another increase, rising costs that make it more difficult to make ends meet, to put food on the table, and to get to work and home each day,” Thompson said. “Before New Yorkers are asked to dip into their pockets and pocketbooks, we are asking the MTA to not rush ahead prematurely.”
Two months ago, the Comptroller’s Office issued a report that identified $728 million dollars in revenue sources that could be applied to eliminate the need for a fare increase in 2008 and 2009.
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