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Rainy Day Fund

All articles tagged with #rainy day fund

Mamdani Budget Faces Skeptics Over Wall Street Bets and Tax Hikes

New York City Mayor Mamdani’s $127B budget leans on a Wall Street revenue boost, reserve draws, and a broad property tax hike, but critics from the IBO and Comptroller Levine warn that betting on ongoing Wall Street gains is risky and reserves shouldn’t be tapped; Moody’s has outlooked the city negative, signaling pressure to close gaps as Albany debates tax proposals and a tax reform push to address an unfair property tax system that would likely burden renters.

via THE CITY - NYC News|

#local-government #mamdani #nyc-budget

economy1 day ago•12 min saved

Moody’s casts a negative fiscal outlook for NYC amid persistent deficits

Moody’s downgrades NYC’s financial outlook to negative, citing large, ongoing budget gaps and the plan to dip into reserves to balance this year’s budget; the Aa2 rating remains intact for now but the outlook could worsen if deficits persist. Mayor Mamdani’s proposal to withdraw nearly $1 billion from the rainy-day fund faces pushback from the City Council and comptroller, as state funding talks continue and the city confronts a roughly $7.3 billion budget gap.

via New York Daily News|

#budget-deficit #credit-rating #economy

politicseconomy2 years ago•2 min saved

"Newsom's Proposal: Tapping Reserves to Close California's $38B Deficit"

California Gov. Newsom proposes tapping into the Rainy Day Fund to address a nearly $38 billion deficit, aiming to protect investments in education, public safety, homelessness, mental health care, and climate action. The proposal includes pulling over $13 billion from reserves and offering free health insurance to approximately 700,000 illegal immigrant residents aged 26-49. The budget also involves $8.5 billion in spending cuts, with half spread across housing and climate programs, and a decrease in public school funding. Republican Assemblyman James Gallagher criticized the proposal as "pure fantasyland," arguing that it fails to address the state's overspending issue.

via Fox Business|

#budget-deficit #california #gavin-newsom

politics2 years ago•6 min saved

"NYC Budget Deal: Libraries Spared, Rikers Cut"

The New York City Council is set to finalize a $107 billion budget deal that restores high-profile cuts, adds new initiatives, and is slightly bigger than last year's budget. Fiscal watchdogs express concern about overcommitment and suggest saving the extra funds in the Rainy Day Fund. The budget includes funding for one year for many new programs. The deal does not include $17 million for supportive services in city jails. The city faces challenges ahead, including renegotiating contracts with organized labor and addressing the $4.3 billion cost of the migrant crisis.

via POLITICO|

#fiscal-watchdogs #new-york-city-council #nyc-budget