Your guide to NYC's public proceedings.
AGENCY TESTIMONY
Proposal for increased city reserve funds
4:01:19
ยท
71 sec
Comptroller Lander proposes significant increases to the city's reserve funds to protect against potential federal funding cuts and economic downturns. He outlines specific recommendations for both the general reserve and the rainy day fund.
- Lander proposes adding $1 billion to the general reserve fund for FY '26 to create a 'protecting New York City reserve.'
- He recommends placing $847 million into the city's rainy day fund at the end of FY '25, based on excess non-property tax revenues.
- The Comptroller emphasizes the importance of these reserves in light of potential economic downturns and changes in fiscal and international trade policies.
Brad Lander
4:01:19
While this protecting New York City reserve may not be sufficient to offset potential cuts to federal funding, at least it would ensure that we're not caught entirely flat footed and the resources are available in the immediate term to sustain critical services.
4:01:34
We're seeing how little notice we have.
4:01:37
Last week it was reported that payments were held up by NYCHA to landlords with 100,000 low income tenants.
4:01:44
We're going to need a reserve in order to be able to cover the hits we're so likely unfortunately to take.
4:01:51
In addition, based on the policies previously proposed by my office to establish minimum deposits into the revenue stabilization or rainy day fund for which there's still not a policy in place, our proposed policy would call for the placement of $847,000,000 into the city's rainy day fund at the end of this year, FY '25, based on excess non property tax revenues that we've received and are receiving through the end of this year, which we will need in case of an economic downturn, which unfortunately is more likely in light of recent changes in fiscal and international trade policies.