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 proposal’s thresholds, dates and conditions.

At least 12%

Reserve-balance target

Measured against the previous fiscal year’s tax revenue. Includes other identified reserve funds; this is not an annual 12% deposit.

50%

Annual withdrawal limit

A mayoral certification of compelling fiscal need can permit a larger withdrawal.