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Mayor Pushes for $980M Rainy Day Fund Withdrawal Amid Deficit

3/18/2026

38 7 Full Breakdown

Summary

Story summary

Mayor Zohran Mamdani urges the City Council to withdraw $980 million from the rainy day fund to cover a $5.4 billion deficit.
Rainy day fund established in 2021 remains untapped.
Council Speaker Julie Menin opposes the move and seeks $1.7 billion in cuts.
Mamdani says he is willing to collaborate but questions the savings plan.
Debate has intensified over a potential downgrade of the city’s bond rating.

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Story summary

Mayor Zohran Mamdani urges the City Council to withdraw $980 million from the rainy day fund to cover a $5.4 billion deficit.
Rainy day fund established in 2021 remains untapped.
Council Speaker Julie Menin opposes the move and seeks $1.7 billion in cuts.
Mamdani says he is willing to collaborate but questions the savings plan.
Debate has intensified over a potential downgrade of the city’s bond rating.