Question 5: Contribution Targets for Rainy Day Fund Charter Amendment

After recent reforms, New York City is now legally allowed to maintain a “rainy day fund” of money held aside for an emergency. This amendment would simply create a charter-mandated target of 12% of the city’s total tax revenues. It would also charge the Office of Management and Budget and city comptroller to work together to establish a formula for contributions. Some fiscal responsibility advocates oppose this amendment for not going far enough. However, that attitude risks letting the perfect get in the way of the good. 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.