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Q&A

When to use NYC's reserve funds

5:50:42

·

9 sec

Council Member Williams asks about the appropriate time to draw down from the reserve fund. IBO Director Chafee provides a succinct metaphorical answer.

  • Chafee states that reserves should be used 'When it's raining really hard'
  • This metaphor suggests reserves should be tapped during severe financial difficulties or crises
  • The brief exchange underscores the importance of judicious use of reserve funds
Nantasha M. Williams
5:50:42
And when do you think it's appropriate to draw down from the reserve fund?
Louisa Chafee
5:50:48
When it's raining really hard.
Nantasha M. Williams
5:50:51
Thank you.
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