General Election
Tuesday, Nov 3· 42 days
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.
Arguments
The case for change, the concerns raised, and how each relates to the proposal.
More predictable budget reserves
Supports proposal
Presents the reserve target and deposit methodology as protection against future fiscal shocks.
NYC Mayor’s Office · July 23, 2026
What the adopted text says
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. The methodology can determine that no deposit is required.
What to weigh
How much discipline does a reserve target add when deposits still depend on the methodology and annual appropriations?