Rainy Day Fund Ballot Proposal to Amend the City Charter
A Letter to the Charter Revision Commission 2019
Dear Commissioner Fiala,
On behalf of the Citizens Budget Commission (CBC), I thank you for your essential and tireless support of a Rainy Day Fund (RDF) Charter amendment. Creating the fund would improve New York City’s already strong budgeting and financial management framework, enhance short-term and long-term fiscal stability, and protect New Yorkers from potentially harmful service cuts and tax increases.
Attached please find the forward guidance you requested on the RDF ballot proposal and charter amendment language. The language reflects the recommendations in CBC’s report to:
- Establish the RDF;
- Specify that RDF deposit and withdrawal rules should be codified in City law; and
- Permit use of the RDF, as defined in the Charter and City law, without violating the City Charter and the State Financial Emergency Act for the City of New York balanced budget requirements.
In taking these recommendations under advisement, CBC recommends that the Charter Revision Commission have language reviewed and modified as appropriate by those with deep expertise in drafting legislation. CBC welcomes the opportunity to consult with Charter Commission staff and others reviewing the proposed language.