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On the RecordRegister to voteGeneral Election, November 3, 2026

Question 5

Proposed Charter Amendment: Set Contribution Targets for Rainy Day Fund to Promote Sufficient Budgetary Reserves

Reviewed Oct 23, 2026. Every line below is quoted from its source; only the headings are ours.

The question, as the ballot prints it

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 methodology to calculate contributions.

“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.

Proposed Ballot Questions, NYC Board of ElectionsAbstract, NYC Board of Elections

The Board's official text in: Español简体中文繁體中文한국어বাংলাTagalogاردو

What it would change, in the official abstract

This proposal would set a target amount of funds for the City to maintain in the revenue stabilization fund (also known as the “Rainy Day Fund”) and other reserve funds. The Mayor’s Office of Management and Budget would be required to publish a methodology regarding deposits into the Rainy Day Fund. Deposits would be required in accordance with that methodology, subject to appropriation through the annual budget process. The methodology would be subject to a 30-day public comment period and a public hearing. The City could not withdraw more than 50 percent of the amount of the fund except when the Mayor certifies that there is a compelling fiscal need.

Proposed Changes

This proposal would set a target that the City maintain in the Rainy Day Fund and other reserve funds an amount equal to 12 percent of the City’s revenue from taxes received in the preceding fiscal year.

The Office of Management and Budget (OMB), in consultation with the Comptroller, would also be required to publish a methodology describing how deposits should be made into the Rainy Day Fund whenever the balance in the fund is less than the amount described above. The methodology would be required to take into account revenue growth trends, the amount of the City’s operating surplus, and any other factor deemed relevant for the purpose of ensuring sound fiscal management. The methodology could provide for deposits to be made over the course of multiple years to reach the target, and for deposits not to be made in years when the City experiences financial hardship even if the target has not been reached. Deposits into the Rainy Day Fund in accordance with this methodology would be subject to appropriation through the budget process, with approval of the Mayor and City Council.

The methodology would be required to be published by May 2027, and updated by May 2030 and at least every four years thereafter.

Before publishing the final methodology, OMB would be required to publish a proposed version of the methodology in the City Record at least 30 days before holding a hearing. At least 30 days before publishing the proposed methodology, OMB would be required to send the methodology to the Speaker of the Council, State Comptroller, and New York State Financial Control Board.

This proposal would also prohibit the City from withdrawing more than 50 percent of the amount of money in the Rainy Day Fund unless the Mayor certifies that there is a compelling fiscal need, to align with State law.

Rainy Day Fund, Implementation

Rainy Day Fund

A Rainy Day Fund is a fund in which excess revenues from one year are set aside for use in future years to help fill budget gaps caused, for example, by economic downturns, emergencies, or unforeseen decreases in revenue. Rainy Day Funds can provide an alternative to raising taxes and cutting services in times of fiscal necessity.

In 2019, New York City voters approved Charter amendments authorizing the City to create a Rainy Day Fund, and in 2020, the Legislature made corresponding changes to State law. These provisions do not require that the City deposit or maintain any particular amount of money in the Rainy Day Fund. Instead, the decision whether to deposit funds into the Rainy Day Fund is left to the Mayor and the City Council through the annual budget negotiation process.

State law prohibits the City from withdrawing more than 50 percent of the amount of money in the Rainy Day Fund unless the Mayor certifies that there is a compelling fiscal need.

Implementation

This proposed amendment would take effect immediately upon certification that the voters approved this proposal.

NYC Board of Elections · Abstracts of the proposed ballot questions

The Board's official text in: Español简体中文繁體中文한국어বাংলাTagalogاردو

Who put it on the ballot

  • Commission on Government Efficiency (COGE)

    Convened by Mayor Zohran Kwame Mamdani in May 2026, the Commission on Government Efficiency (COGE) was charged with reviewing the entire City Charter to identify ways to improve efficiency, modernize city government, and ensure government keeps pace with New Yorkers’ needs.

    Commission on Government Efficiency · Adopted Final Report

  • Abundance New York

    Abundance New York is a 501(c)(4) nonprofit organization whose mission is to build a New York City and State with more than enough of everything residents need to reduce cost of living, improve quality of life, and guarantee safety and sustainability.

    Abundance New York · Methodology

4 more

  • District Council 37

    District Council 37, AFSCME, AFL-CIO is one of New York City’s largest, most diverse, and influential unions. Our members run New York’s public, private, and nonprofit sectors in more than 1,000 job titles.

    District Council 37 · Who We Are

  • Reinvent Albany

    Reinvent Albany advocates for transparent and accountable New York government.

    Reinvent Albany · Mission

  • Citizens Budget Commission (CBC)

    The Citizens Budget Commission (CBC) is a nonpartisan, nonprofit civic organization whose mission is to achieve constructive change in the finances and services of New York City and New York State government.

    Citizens Budget Commission · About Us

  • Citizens Union

    We are a nonpartisan and independent good-government group made up of New Yorkers from diverse backgrounds and political beliefs, dedicated to making democracy work for all and united in putting the public interest ahead of special interests.

    Citizens Union · About Us

For and against, in their own words

12 more

The money

Nothing on the record found, as of Oct 20, 2026.

1 more

  • Office of the Mayor

    There is hereby established a revenue stabilization fund for the City of New York pursuant to section 1528 of the New York City Charter and section 25 of the General Municipal Law.

    Office of the Mayor · EXECUTIVE ORDER No. 62

Candidates on it

Nothing on the record found, as of Oct 20, 2026.

What people are saying

Nothing on the record found, as of Oct 20, 2026.

Reading it the other way