- Associated Press - Monday, May 12, 2014

NEW YORK (AP) - Mayor Bill de Blasio’s administration is adjusting the accounting for the new teachers’ union contract.

The contract originally called for approximately $725 million due to teachers who are eligible to retire this July to be paid in future years.

But Comptroller Scott Stringer’s office said that the costs for this year’s retirees should be factored into this year’s budget.

De Blasio’s team agreed to the change. Both the mayor’s and comptroller’s office say the city has the money to make the payment this year.

But it is unclear if the change will impact the mayor’s $73.9 billion budget he proposed last week. It must be finalized with the city council before July 1.

The change will not impact the overall price tag of the union’s nine-year, $5.5 billion deal.

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