“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...
A Message from the Comptroller Knicks edition 🏀 Dear New Yorkers, For most New Yorkers, the only number that matters this week is five, the number of games the Knicks needed to win their third NBA Championship and first in 53 years. As the city celebrates, we haven’t taken our eyes off a different scoreboard: the economic indicators that tell us where New York stands today and where it’s headed next. In this month’s New York by the Numbers, we...
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