New York, NY – New York City Comptroller Mark Levine issued the following statement on the handshake agreement between Mayor Mamdani and Speaker Menin to pass a $125.8 billion budget for Fiscal Year 2027. “After the most challenging budget cycle in recent memory, the Mayor and City Council have agreed on a budget that preserves and strengthens essential services, and partially restores next year’s general reserve. The agreement also expands CityFHEPS while simultaneously establishing controls that aim to manage its...
“The Rainy Day Fund exists because New Yorkers voted to give our City a tool to protect essential services during economic downturns and emergencies. It helps safeguard our schools, public safety, sanitation, housing, health care and social services when times get tough. Years after its creation, the fund still lacks formal rules governing it – and that needs to change. “We need a stronger, more predictable approach to saving for our future. New Yorkers deserve confidence that their government is prepared not only for...
New York, NY — New York City Comptroller Mark Levine today submitted testimony to the Commission of Government Efficiency (COGE) outlining a charter amendment to strengthen the Rainy Day Fund (formally known as the Revenue Stabilization Fund), through clear targets, deposit and withdrawal rules. The Comptroller first advanced the proposal in an April report, citing mounting economic uncertainty driven by global events, the rise of AI, and a decade-long bull run on Wall Street. “This reform is not about locking away money for its own sake. It is about protecting New Yorkers when the economy turns. A strong Rainy Day Fund is what allows...
Thank you, Chair Gaspard and members of the Charter Revision Commission, for the opportunity to testify before you today. New York City’s Charter is not only a governing document. It is also a fiscal and operational framework. It shapes how the City plans, budgets, saves, procures, contracts, and prepares for risks that extend far beyond any single budget cycle or mayoral administration. Though Charter Revision processes have seemingly become routine in recent years, they are anything but. This Charter Revision comes at a pivotal moment in...
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