Comptroller Lander’s Statement on the NYC Charter Revision Commission’s Preliminary Staff Report

 

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: 

1. Adopt a policy to govern the target size, deposits, and withdrawals from the City’s rainy-day fund.  
2. Mandate regular efficiency reviews and long-term savings targets, including making agencies accountable for judgments and claims against the City which are their responsibility.   
3. 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.   
4. 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.  
5. Mandate timeframes for each stage of the contracting process.