General Election
New York CityProposal 5
Rainy-day reserves
Adds a reserve target, a process for calculating deposits and a city-law withdrawal limit aligned with state law.
The official question
Official sourceSet Contribution Targets for Rainy Day Fund to Promote Sufficient Budgetary Reserves
Set target amount of money to hold in reserve funds, including rainy day fund, to address unexpected financial hardships in future years, and require development of to calculate contributions.
Official YES and NO descriptions
“Yes” requires Mayor to develop methodology for calculating deposits to rainy day fund, with deposits subject to approval in the City budget.
“No” leaves laws unchanged, with no reserves target.
What your vote means
Set a reserves target of at least 12% of the previous ’s tax revenue and require a published deposit . Deposits remain subject to budget .
Keep the existing reserve framework without this target or required deposit methodology. The continues to exist.
Who decides
Where a decision moves if this passes.
How much the City puts into the when reserves are low
Today
The Mayor and City Council decide in each year’s budget, with no target or formula.
After a Yes
writes a formula, consulting the Comptroller, after public comment and a hearing. The Mayor and Council still approve each deposit in the budget.
Which funds count toward the reserve target
Today
There is no target.
After a Yes
The rainy-day fund plus any other city reserve funds that OMB’s identifies.
Who sees the deposit formula before the public draft is published
Today
No formula exists.
After a Yes
The Council Speaker, the Independent Budget Office director, the State Comptroller and the state Financial Control Board, at least 30 days ahead.
Before you decide
Your ballot · Proposal 5
Fill in one oval. Tap it again to return to undecided.
Undecided
Inside this proposal
See every changeReserve target
Set a target of at least 12% of the preceding fiscal year’s tax revenue, counting the rainy-day fund and other reserve funds identified in the methodology.
Deposit methodology
Require a published calculation method considering revenue trends, operating surplus and other relevant factors; update it by May 1, 2030 and at least every four years thereafter.
Withdrawal limit
Add the corresponding 50% annual withdrawal limit to the charter.
Who’s weighing in
All statements
Citizens Budget Commission
October 22, 2026
“the illusion of progress, sapping the energy we need for the change that would protect New Yorkers.”
— Andrew Rein, President of the Citizens Budget Commission, as quoted by Gothamist
Their position
Opposes the proposal in its October analysis (amNY, Oct 20).
Abundance New York
October 16, 2026
“It is better to have a target for rainy day funds, and a roadmap for achieving them, than to maintain an uncertain status quo. Voters should approve this proposal.”
— Abundance New York
Their position
Recommends Yes. Acknowledges that some fiscal advocates oppose it for not going far enough.