"New Yorkers have voted resoundingly to approve Ballot Question 4, which revises the New York City Charter to allow the City to create and use a Rainy Day Fund. With this vote, New Yorkers have seized a momentous opportunity to improve one of the few weaknesses in the City’s financial management framework.

This amendment is the crucial first step to allow New York City to put funds aside in an Rainy Day Fund—essentially a savings account—when the economy is growing and use it to stave off the most devastating service cuts and tax increases during a recession or severe emergency—the “rainy days.” It is a win for responsible budgeting and promoting service stability.

This historic vote also creates important momentum to make needed changes to State laws in the upcoming legislative session. The Citizens Budget Commission will provide recommendations for such changes in coming months."

For more information on the benefits of a Rainy Day Fund for New York City, please read To Weather a Storm: Create an NYC Rainy Day Fund.