In response to the 2024 New York City Charter Revision Commission releasing its preliminary staff report today, Comptroller Brad Lander issued the following statement:
“The Mayor’s hastily appointed Charter Revision Commission swung and missed today,” Comptroller Brad Lander said. “Earlier this month, my office outlined five common-sense proposals to improve our city’s financial management practices. No ‘further research’ is needed to adopt a solid plan for the City’s Rainy Day Fund, or to start paying our vendors on time — proposals long-studied and supported by many good-government groups. I’m glad that the Commission will at least consider our proposal to modernize capital planning — but that must go along with action to ensure the affordability of the City’s debt, with long-term savings and efficiencies, and with procurement reform. Otherwise, it’s just for show.”
The Comptroller’s office outlined proposed enhancements to New York City’s fiscal framework in its report, A Stronger Fiscal Framework for New York City. Comptroller Lander delivered testimony on his proposals before the Commission on June 13.
The proposals include:
- Adopt a policy to govern the target size, deposits, and withdrawals from the City’s rainy-day fund.
- Mandate regular efficiency reviews and long-term savings targets, including making agencies accountable for judgments and claims against the City which are their responsibility.
- Require that debt service does not exceed 15 percent of City tax revenues and that the Capital Stabilization Reserve be used to ensure this target is maintained.
- Modernize the City’s approach to infrastructure assessment, capital planning and budgeting to comply with Government Finance Officers Association (GFOA) and Municipal Finance Officers’ Association (MFOA) best practices.
- Mandate timeframes for each stage of the contracting process.
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