New York City Ballot Question 4 - NYC Budgets and Public Funds Question

This proposal would amend the City Charter to: Allow the City to use a revenue stabilization fund, or “rainy day fund,” to save money for use in future years, such as to address unexpected financial hardships. Changes to State law will also be needed for this rainy day fund to be usable; Set minimum budgets for the Public Advocate and Borough Presidents. The budget for each office would be at least as high as its Fiscal Year 2020 budget adjusted annually by the lesser of the inflation rate or the percentage change in the City’s total expense budget (excluding certain components), unless the Mayor determines that a lower budget is fiscally necessary; Require the Mayor to submit a non-property tax revenue estimate to the City Council by April 26 (instead of June 5). The Mayor may submit an updated estimate after that date, but must explain why the updated estimate was fiscally necessary if the update is submitted after May 25; and Require that, when the Mayor makes changes to the City’s financial plan that would require a budget modification to implement, the proposed budget modification shall be submitted to the Council within 30 days. Shall this proposal be adopted?