Ronnie Lowenstein, director of New York City’s Independent Budget Office, has announced her retirement as of Jan. 21. George Sweeting will serve as acting director of the agency until a permanent director is chosen.
As required by city’s charter, IBO’s advisory board will recommend a new director who will be voted on by a committee made up of the city comptroller, public advocate, one borough president picked on behalf of all five borough presidents and a city council member chosen by the council.
Formed in 1996, IBO is a publicly funded city agency that provides nonpartisan information about the city's budget and economy. The IBO has no policymaking role.
The city charter directs the IBO to produce three annual reports: the Fiscal Outlook, issued ahead of the new fiscal year, which provides an independent forecast of revenue and spending for the year ahead; the Analysis of the Preliminary Budget, which offers a comprehensive review of the mayor’s proposals; and an Analysis of the Executive Budget, which looks at the changes made from the preliminary plan.
Lowenstein joined the agency from its beginnings, serving first as deputy director and chief economist. She became the director in 2000 and has been reappointed to the post five consecutive times.
Lowenstein said from the start her role was clear: to gather and report the best possible information.
“We — and it is a we — built an organization from the ground up that is truly independent,” Lowenstein said in a statement. “The opportunity to be part of that, and to work with so many talented people, it is the best thing to have happened to me professionally.”
Prior to joining IBO, Lowenstein was an economist at the Federal Reserve Bank of New York and taught economics at Barnard College. She earned her Ph.D. in economics from Columbia University and received a B.A. from Guilford College.
“I have been involved in New York City’s budget issues since I had the idea to create the Municipal Assistance Corp. in 1975 — and there is no person who has done more to keep the New York City budget sound than Ronnie Lowenstein,” said Richard Ravitch, who helped guide New York City out of the 1970s fiscal crisis and is a former New York State lieutenant-governor. “She is a remarkable public servant.”
Jennifer March, who chairs IBO’s advisory board, said Lowenstein had brought transparency to the city's spending and policies.
“At a time when objective analysis is critical to our city's ability to advance equity and recovery for all New York communities, Ronnie leaves a legacy grounded in professionalism,” March said. “This legacy, and George Sweeting’s continued leadership, will ensure IBO continues to offer impartial and comprehensive information to elected officials, non-profits, community groups, and New Yorkers at large."
After retirement, Lowenstein plans to spend more time with her family, including her husband Ken, her two sons and daughters-in law and her four grandchildren.
