New York CityProposal 5

“The fifth ballot proposal would set a target amount of funds held in reserve –– 12% percent of the City’s total tax revenues. The proposal would also require the Mayor’s Office of Management and Budget (OMB), in consultation with the Comptroller, to establish a deposit formula that would govern mandatory contributions to the rainy day fund.”

— NYC Mayor’s Office, written announcement

“While we appreciate COGE prioritizing the rainy day fund, it is deeply disappointing that the Commission missed the critical opportunity to establish a strong framework ensuring the City’s policy protects New Yorkers and City employees from devastating service cuts and layoffs during a recession or severe emergency. As written, City policy could allow withdrawals for practically any reason and avoid deposits even when revenues are strong. Still, the proposed amendment would not prevent the administration from adopting a strong rainy day fund policy -- one that requires adequate deposits during good economic times and permits withdrawals only during a recession or severe emergency. CBC looks forward to working with the administration to craft the robust rainy day fund policy New Yorkers deserve.”

— Andrew S. Rein, President of Citizens Budget Commission

“Cutting nonprofit and small business procurement time by more than half, adding a formal rainy-day fund, consolidating 40 permits across 18 offices into a single hub, streamlining the use of public space, and unlocking more than $200 million in value from underutilized City property are exactly the kinds of reforms our industry has been calling for.”

— Carlo A. Scissura, President & CEO of New York Building Congress

“While today’s action marks meaningful progress, key elements of the proposal remain unresolved – including the rules governing deposits and withdrawals and a clear definition of what qualifies as a reserve fund.”

— Mark Levine, New York City Comptroller