General Election
ELECTION WAS NOV 3
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.
Key facts
The proposal’s thresholds, dates and conditions.
At least 12%
Reserve-balance target
Of the previous ’s tax revenue, held across the and other named reserves.
50%
Annual withdrawal limit
A mayoral certification of can permit a larger withdrawal.
$2B vs. ~$14B
Fund today vs. CBC’s two-year recession estimate
The Citizens Budget Commission estimates the holds about $2 billion, compared with the nearly $14 billion it says would be needed to cover two years of recession. Both figures are CBC’s.