Question 5: Set Contribution Targets for Rainy Day Fund to Promote Sufficient Budgetary Reserves
Source: enr.boenyc.gov
What does this measure do?
Sets a reserve goal of at least 12% of last year's city tax revenue, counting the rainy day fund and other reserves. Any deposits use taxpayers' money and still need budget approval; no new tax is added.
Read the official ballot measure (PDF)
Proposed by: New York City Commission on Government Efficiency
A temporary city panel that reviews New York City's basic rules and recommends changes for voters.
Source: home4.nyc.gov
A YES vote means
A public deposit formula would start in the July 2027 budget year, with exceptions and budget approval. City law would copy the state rule limiting yearly withdrawals to half the fund unless the Mayor certifies pressing financial need.
A NO vote means
Current deposit rules stay, without the new reserve target or formula. State law still limits withdrawals above half the fund in a year unless the Mayor certifies a pressing financial need.
Sources: home4.nyc.gov · nycvotes.org · nysenate.gov
Sources: nyc.gov2 · nycvotes.org