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.
Endorsements & public statements
Who supports the proposal, who has raised concerns, and what they have said.
16 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.
Common Cause New York
October 15, 2026
“Establishing clearer rules for maintaining and accessing financial reserves can make fiscal decisions more predictable and subject to public scrutiny.”
— Common Cause New York
Their position
Recommends Yes. Says the proposal gives the independently elected Comptroller a formal role while keeping the City Council involved through the budget process.
Jews For Racial & Economic Justice
October 14, 2026
“JFREJ recommends voting yes on all five ballot measures.”
— Jews For Racial & Economic Justice
Citizens Union
October 1, 2026
“But overall, this is a good proposal to strengthen the city’s finances in the long run, and it should be supported.”
— Citizens Union
Their position
Recommends Yes as an incremental step. Notes it does not require annual deposits, lets other reserve funds count toward the 12% goal, and should have required the Comptroller's consent on the deposit formula.
Reinvent Albany
September 29, 2026
“Sadly, this is not the rainy day fund New York City so badly needs to prevent catastrophic budget cuts and layoffs if revenues plunge.”
— Reinvent Albany
Their position
Says the proposal does not require a rainy-day fund or deposits, only that the budget office publish a deposit methodology, and that other reserve funds can count toward the 12% target.
Hotel and Gaming Trades Council
October 16, 2026
“Setting contribution targets creates a level of fiscal accountability that will promote necessary savings”
— Hotel and Gaming Trades Council
D9 Harlem Votes
October 16, 2026
“Establishing a reserve target can help ensure that resources are available to maintain essential City programs and services during periods of fiscal hardship, while deposits remain subject to the City’s normal budget process”
— D9 Harlem Votes
Their position
Filed a statement supporting this proposal with the NYC Votes voter guide. Deposits would still need approval in the annual City budget.
New York City Democratic Socialists of America
October 16, 2026
Summary
Listed by NYC Votes among the organizations that filed statements supporting this proposal.
League of Women Voters of the City of New York
September 16, 2026
“This proposal shifts greater authority over the source of the contributions to the executive branch, reducing the Council’s role despite its Charter-mandated budget responsibilities and limiting the collaborative approach that has long guided the City’s fiscal planning.”
— League of Women Voters of the City of New York
Their position
Lists pros and cons without recommending a vote. Pro: it helps the City plan for financial hardship. The cons it lists: the target may be too low for a major fiscal crisis, the proposal shifts authority over contributions toward the executive branch and away from the Council, and more rigid reserve rules could reduce budget flexibility.
Carol Kellermann
August 6, 2026
“First, a 12% target balance, which would be approximately $11.5 billion, is not enough.”
— Carol Kellermann, former president of the Citizens Budget Commission
Their position
The former Citizens Budget Commission president argues the 12% target is too low, that other stabilization funds can count toward it, and that deposits would still be left to the mayor's budget office.
New York City Council
July 24, 2026
“The Council is concerned by the speed and process through which the Administration advanced these Charter Revision Commission proposals”
— New York City Council spokesperson
Their position
A Council spokesperson said the commission advanced sweeping changes in weeks and that several proposals could reduce public input and weaken checks and balances. The statement covers the whole package and does not ask voters to reject any question.
NYC Mayor’s Office
July 23, 2026
“The fifth ballot proposal would set a target amount of funds held in reserve –– 12% percent of the City’s total tax revenues. The proposal would also require the Mayor’s Office of Management and Budget (OMB), in consultation with the Comptroller, to establish a deposit formula that would govern mandatory contributions to the rainy day fund.”
— NYC Mayor’s Office, written announcement
Their position
Describes the proposed reserve target and deposit formula in its announcement of the Commission’s proposals.
New York Building Congress
July 23, 2026
“Cutting nonprofit and small business procurement time by more than half, adding a formal rainy-day fund, consolidating 40 permits across 18 offices into a single hub, streamlining the use of public space, and unlocking more than $200 million in value from underutilized City property are exactly the kinds of reforms our industry has been calling for.”
— Carlo A. Scissura, President & CEO of New York Building Congress
Their position
Supports the package. The city has had a rainy-day fund since 2019; this proposal adds a target and a deposit method.
Vital City
July 23, 2026
“And the rainy day fund target called for by the Commission in its Question 5 — with a target of 12% of tax revenue and a deposit methodology written by the very entity (the mayor’s own budget office) that it means to constrain — is a step forward but falls short of the more prudent 16% target that history shows is necessary to cover full revenue losses during a recession.”
— Vital City
Their position
Says all five proposals merit passage. On this question, calls the reserve target a step forward but below the 16% target it says past recessions require.
Mark Levine
July 21, 2026
“While today’s action marks meaningful progress, key elements of the proposal remain unresolved – including the rules governing deposits and withdrawals and a clear definition of what qualifies as a reserve fund.”
— Mark Levine, New York City Comptroller
Their position
Supports stronger rainy-day safeguards but said deposit, withdrawal, and reserve-definition details remained unresolved as the proposal advanced.