New York, NY — Comptroller Mark Levine today issued a proposal for the City of New York to create a framework for its major “rainy day fund,” including a targeted balance, regular replenishment, and stronger guardrails for drawing it down. The suggested parameters, outlined in a new report, come amid a budget season that has seen a proposed drawdown of the key Revenue Stabilization Fund – also known as the Rainy Day Fund – by as much as half to balance the City’s finances. The use of reserves during an otherwise strong revenue year for New York City has contributed to several major credit rating agencies changing their economic...
New York, NY — A new review conducted by auditors of New York City Comptroller Mark Levine found the Small Business Forward program, aimed at easing regulatory and financial burdens on small businesses across the five boroughs, failed to achieve meaningful change for small businesses in New York City. Vague definitions, a lack of inter-agency engagement, and inadequate benchmarking all contributed to the poor performance of the otherwise well-intentioned initiative. “Small Business Forward was a well-intentioned program designed to cut red tape and...
New York, NY — Today, New York City Comptroller Mark Levine announced his appointment of Monte Tarbox as Chief Investment Officer for the Office of the New York City Comptroller’s Bureau of Asset Management (BAM). Tarbox has served as interim chief investment officer since the beginning of the year. Tarbox’s appointment comes at a crucial time for the Systems, one of the nation’s largest institutional investors valued at $316.34 billion, as mounting geopolitical pressures increase the importance of a prudent investment strategy that...
New York, NY – New York City Comptroller Mark Levine released the following statement in response to Fitch Ratings and Kroll Bond Rating Agency (KBRA) revising the City’s outlook from stable to negative. “A negative outlook from a credit rating agency is not a downgrade—but it is a warning. With today’s revisions from Fitch and Kroll now 3 of our 4 ratings agencies are sending us a similar message: New York City needs to address the underlying structural imbalances in our budget. “Thankfully, New York City’s economy...
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