{"id":40743,"date":"2026-06-26T15:04:29","date_gmt":"2026-06-26T15:04:29","guid":{"rendered":"https:\/\/www.vosa.tv\/eng\/?p=40743"},"modified":"2026-06-26T15:04:29","modified_gmt":"2026-06-26T15:04:29","slug":"new-york-city-comptroller-mark-levine-submits-charter-amendment-proposal-to-strengthen-the-rainy-day-fund","status":"publish","type":"post","link":"https:\/\/www.vosa.tv\/eng\/archives\/40743","title":{"rendered":"New York City Comptroller Mark Levine submits charter amendment proposal to strengthen the rainy day fund"},"content":{"rendered":"<p><strong>NEWYORK: New York City Comptroller Mark Levine submitted\u00a0testimony\u00a0to\u00a0the Commission of Government Efficiency\u00a0(COGE)\u00a0outlining a\u00a0charter\u00a0amendment\u00a0to\u00a0strengthen the\u00a0Rainy Day\u00a0Fund\u00a0(formally known as the Revenue Stabilization Fund),\u00a0through clear\u00a0targets,\u00a0deposit\u00a0and withdrawal rules.<\/strong><\/p>\n<p>The Comptroller first advanced the proposal in\u00a0an\u00a0April\u00a0report<strong>,\u00a0<\/strong>citing mounting economic uncertainty driven by global events, the rise of AI, and a decade-long bull run on Wall Street.<\/p>\n<p>\u201cThis reform is not about locking away money for its\u00a0own sake. It is about protecting New Yorkers when the economy turns. A strong Rainy Day Fund is what allows the City to preserve essential services, avoid sudden\u00a0layoffs, maintain market confidence, and respond to families and communities in moments of disruption,\u201d\u00a0Comptroller Levine says in his testimony.<\/p>\n<p>The\u00a0Rainy\u00a0Day\u00a0Fund\u00a0was\u00a0established\u00a0through a City Charter amendment in\u00a02019 and enabling State legislation in\u00a02020,\u00a0and\u00a0provided\u00a0the City for the first time\u00a0with a dedicated\u00a0mechanism to\u00a0set aside resources for future economic downturns.<\/p>\n<p>However,\u00a0the fund was created with\u00a0few parameters in place\u00a0\u2014\u00a0a major departure\u00a0from most major cities. Without a mandate to make regular deposits, the\u00a0Rainy Day\u00a0Fund\u2019s balance currently sits at $2 billion \u2013 or\u00a0around\u00a02% of tax revenues, effectively\u00a0negligible\u00a0in a budget\u00a0as large as\u00a0New York City\u2019s.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEWYORK: New York City Comptroller Mark Levine submitted\u00a0testimony\u00a0to\u00a0the Commission of Government Efficiency\u00a0(COGE)\u00a0outlining a\u00a0charter\u00a0amendment\u00a0to\u00a0strengthen the\u00a0Rainy Day\u00a0Fund\u00a0(formally known as the Revenue Stabilization Fund),\u00a0through clear\u00a0targets,\u00a0deposit\u00a0and withdrawal rules. The Comptroller first advanced the proposal in\u00a0an\u00a0April\u00a0report,\u00a0citing mounting economic uncertainty driven by global events, the rise of AI, and a decade-long bull run on Wall Street. \u201cThis reform is not about [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":40153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1469,31,1378],"tags":[],"class_list":["post-40743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-news","category-us"],"_links":{"self":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/comments?post=40743"}],"version-history":[{"count":1,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40743\/revisions"}],"predecessor-version":[{"id":40744,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/40743\/revisions\/40744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media\/40153"}],"wp:attachment":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media?parent=40743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/categories?post=40743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/tags?post=40743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}