Statement from Speaker Julie Menin and Finance Chair Linda Lee

NEW YORK, NY - Today, New York City Council Speaker Julie Menin and Council Member Linda Lee, Chair of the Committee on Finance, issued the following statement on Moody's Ratings revising New York City's outlook to "negative:"

"Moody's revised outlook is a clear warning sign that New York City must take its long-term fiscal challenges seriously. It is exactly why earlier this week the Council released an initial fiscal analysis showing that the City does not need to and should not draw down the Rainy Day Fund to balance the current fiscal year.

"Tapping a reserve that has never been used since its creation would send the wrong signal at a moment when the City's fiscal discipline is under heightened scrutiny which is why the Council rejected this approach. Our analysis identified substantial savings and additional revenue that allow us to protect critical services without weakening the safeguards designed for true economic emergencies.

"The responsible path forward is not to deplete our financial safety net, but to pursue real efficiencies and sustainable solutions. The Council will continue pushing for the long-term savings and fiscal discipline needed to protect New York City's financial stability."

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