Last week, the Mamdani administration and the City Council reached a $126 billion budget deal.
Since 2019, city budgets have included something formally called the Revenue Stabilization Fund, which is more commonly known as a rainy day fund. It’s money set aside in case of an unforeseen fiscal emergency.
Since the fund’s creation, city officials want to strengthen it by creating stricter rules for withdrawals and establishing a target balance level.
City Comptroller Mark Levine joined NY1 political anchor Errol Louis on “Inside City Hall” Tuesday to discuss more.
Tap the video player above to watch the interview.