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NYC Should Boost Its Rainy-Day Fund by $1.8 Billion, Lander Says

May 24, 2022, 5:50 PM

New York City is on track for a $3.1 billion surplus this fiscal year and should use more than half of the extra cash to boost its rainy-day fund, according to city Comptroller Brad Lander.

The biggest US metropolis should salt away an additional $1.8 billion into reserves, above the $700 million allocated by Mayor Eric Adams in his proposed budget, Lander said in prepared comments for a City Council budget hearing.

The recommended additional deposit is based on a formula for annual transfers that Lander proposed to shield saving for economic downturns from the annual budget process.

“The ...