The city's general pension fund released its latest annual actuarial valuation report in June of this year. You can read the whole document here. Pay special attention to the graphs on page A-12. I've reproduced them below:
Even more shocking is that "benefits as a percent of payroll" chart. In 2010 it cost the city about 40% of payrolls to provide benefits... now that number has skyrocketed to over 60% and is approaching 70%. That's absolutely, incredibly, shockingly high.
And now the unions are complaining that they deserve a fair contract. Sorry folks, the city is sitting on a ticking time bomb of unsustainable benefits, and it has to stop eventually.
Not to worry though, the city's pension system expects 7.5% annual investment gains for eternity. Nothing can go wrong, right?