A Legislative Storm is Brewing Over NYC ‘Rainy Day’ Fund
Dina Kolker and David Kahne of Stroock’s Labor and Employment group take a look at a recently adopted NYC referendum that charges the city with creating a “Rainy Day Fund” in a new Law360 article.
Though approved by the voters, a rainy day fund raises a number of potential issues, Dina and David note.
“It is far from clear whether a rainy day fund is even necessary,” they write. “Within the current state fiscal controls, the city already uses a number of budgetary maneuvers to cushion and smooth out economic volatility that are far more flexible than the limitations that would likely be placed on any rainy day fund.”
Read the full article here. (Subscription required.)