Comptroller: NY needs more money in 'rainy day' fund in case of economic downturn

New York's top financial officer is calling for the state to set more money aside in case of a financial downturn.

Posted: Dec 13, 2019 3:25 PM

ALBANY, N.Y. (AP) - New York's top financial officer is calling for the state to set more money aside in case of a financial downturn.

Democratic Comptroller Thomas DiNapoli says in a report being released Friday that New York should fully fund its rainy day reserves within five years.

He says elected officials should also allow the state to set aside up to 10% of general fund revenues - up from 7% currently. The comptroller is also pressing New York to require the state to regularly deposit money in rainy day funds. The economy is booming, but the comptroller says New York must be better prepared for an economic downturn.

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