Statement from NYC Comptroller Mark Levine on Charter Commission Proposal to Strengthen NYC’s Rainy Day Fund

“The Charter Revision Commission has taken a significant step toward strengthening New York City’s Rainy Day Fund by advancing a proposal for voters to consider in November. This is an important milestone, and we look forward to working through the remaining policy details to ensure the final measure gives the City the strong fiscal safeguards it needs.

“For months, my office has advocated for a stronger Rainy Day Fund, because preparing before the next crisis is one of the smartest investments our city can make. Our proposal calls for a fund large enough to weather a recession, automatic deposits in years when the economy is strong, clear rules governing withdrawals and the conditions under which reserves can be used, and regular public reporting to ensure transparency and accountability. These are basic parameters already set by nearly every major U.S. city with a reserve fund.

“With economic uncertainty growing, from the rapid transformation driven by AI to broader global instability, New York cannot afford to wait until the next downturn to prepare. A stronger Rainy Day Fund will help protect essential services and provide stability when New Yorkers need it most.

“While today’s action marks meaningful progress, key elements of the proposal remain unresolved – including the rules governing deposits and withdrawals and a clear definition of what qualifies as a reserve fund.

“Those decisions will determine whether this proposal delivers the lasting fiscal safeguards New York City needs. We look forward to continuing to work with the administration, the Commission, and stakeholders to ensure the final proposal establishes a Rainy Day Fund that is strong, sustainable, and built to withstand future economic shocks. It is critical that we get this right.”