New York City Comptroller Brad Lander has raised alarms about the city's unpreparedness for potential fiscal disruptions stemming from President Trump's tariff policies. He urges substantial deposits into the rainy-day funds and general reserve to navigate the predicted economic chaos. Lander's economic spotlight highlights a need for improved tax revenue projections as the city prepares for upcoming budget negotiations. He has proposed that the city set aside between $966 million and $1.15 billion, asserting these measures are crucial to mitigating risks posed by external fiscal policies and ensuring financial stability.
City Comptroller Brad Lander emphasized that New York City must prepare for potential economic disruptions caused by President Trump's tariff policies, particularly through significant deposits into reserves.
Lander advised that alongside the rainy-day fund, New York City should focus on adding $1 billion to its general reserve to better weather financial challenges ahead.
The proposed formula for minimum deposits suggests the City should allocate between $966 million and $1.15 billion to its rainy-day fund to enhance fiscal preparedness.
The economic analysis underscored the need for improved tax revenue projections as the city enters budget negotiations, anticipating higher than expected revenues for FY 2025.
Collection
[
|
...
]