Proposal Number 5, a Question: Proposed Charter Amendment: Set Contribution Targets for Rainy Day Fund to Promote Sufficient Budgetary Reserves
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.
