Incoming New York Mayor Eric Adams has already heard calls from watchdog groups to boost New York’s new rainy-day account and fine-tune the policies controlling deposits and withdrawals.
New York’s mechanisms are less defined than other U.S. cities’, state Comptroller Thomas DiNapoli said in a report Wednesday. DiNapoli urged city officials to tap recent changes in state and local laws enabling accumulation and use.
Following voter approval of a charter revision in November 2019 and state legislative signoff, city officials established a rainy-day fund — formally the revenue stabilization fund — in February 2021. That made available $499 million in resources that the city could not use to balance its fiscal 2020 budget.
Author(s): Paul Burton
Publication Date: 10 Nov 101`
Publication Site: Bond Buyer