Lack of funding for wage increases for municipal employees working under expired union contracts could result in multi-year, multibillion-dollar gaps, New York City Comptroller John Liu told the City Council.

"The mayor has not budgeted sufficiently for even the small wage increases he envisions, and has put aside bupkis for any retroactive wages," Liu told the council's finance committee on Wednesday.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.