{"id":99,"date":"2019-06-11T22:00:13","date_gmt":"2019-06-12T02:00:13","guid":{"rendered":"https:\/\/buymuni.com\/?p=99"},"modified":"2019-06-12T01:05:35","modified_gmt":"2019-06-12T05:05:35","slug":"just-how-much-of-a-rainy-day-reserve-does-nyc-need","status":"publish","type":"post","link":"https:\/\/buymuni.com\/?p=99","title":{"rendered":"Just How Much Of A Rainy Day Reserve Does NYC Need?"},"content":{"rendered":"\n<p>According to the Citizen&#8217;s Budget Commission (CBC) &#8211; a nonpartisan think-thank &#8211; a <strong>whopping 17% of tax revenues<\/strong>, which would translate to <strong>$15.7 billion<\/strong> based on FY2020 projected revenues. <strong>That&#8217;s 50% more than the entire operating budget of Houston, Texas<\/strong>!<\/p>\n\n\n\n<p>In a report published in April 2019, the CBC has determined that New York City would experience revenue shortfalls as much as $15-20 billion over three years.  Absent of a contingent funding source (the City cannot borrow to pay operating expenses after legislation passed during the City&#8217;s fiscal crisis in the 1970s-early 80s), the City would be forced to cut services.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"857\" height=\"449\" src=\"https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190606-bm-cbc-taxshortfall-rainyday.png\" alt=\"\" class=\"wp-image-192\" srcset=\"https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190606-bm-cbc-taxshortfall-rainyday.png 857w, https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190606-bm-cbc-taxshortfall-rainyday-300x157.png 300w, https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190606-bm-cbc-taxshortfall-rainyday-768x402.png 768w, https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190606-bm-cbc-taxshortfall-rainyday-850x445.png 850w, https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190606-bm-cbc-taxshortfall-rainyday-480x251.png 480w\" sizes=\"auto, (max-width: 857px) 100vw, 857px\" \/><\/figure>\n\n\n\n<p>The creation of a Rainy Day Reserve Fund would require state legislation and revision of the City Charter.<\/p>\n\n\n\n<p>Read the full <a rel=\"noreferrer noopener\" aria-label=\"report (opens in a new tab)\" href=\"https:\/\/cbcny.org\/research\/weather-storm\" target=\"_blank\">report<\/a> at CBC&#8217;s website.<\/p>\n\n\n\n<p>Contact Jenny Lee at JL@BuyMuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Citizen&#8217;s Budget Commission (CBC) &#8211; a nonpartisan think-thank &#8211; a whopping 17% of tax revenues, which would&#8230;<\/p>\n","protected":false},"author":2,"featured_media":199,"comment_status":"open","ping_status":"open","sticky":false,"template":"template-full-width-post.php","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,20,12,4],"tags":[22,21,24,25,26,23],"class_list":["post-99","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cities","category-credit-ratings","category-issuers","category-nyc","tag-cbc","tag-nyc","tag-rainy-day-fund","tag-reserves","tag-surplus","tag-tax-revenues","wpcat-15-id","wpcat-20-id","wpcat-12-id","wpcat-4-id"],"jetpack_featured_media_url":"https:\/\/buymuni.com\/wp-content\/uploads\/2019\/05\/building-cc0-city-89485.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/99","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=99"}],"version-history":[{"count":3,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/99\/revisions"}],"predecessor-version":[{"id":193,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/99\/revisions\/193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/media\/199"}],"wp:attachment":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=99"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=99"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=99"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}