rainy day fund
Coverage of rainy day fund in the Nexus archive.
- Mamdani panel lines up five government-efficiency measures for November ballot
Mayor Zohran Mamdani's Commission on Government Efficiency (COGE) proposed five measures to streamline city processes, including outdoor dining approvals, contracting, and public hearings. The changes aim to reduce delays, cut costs, and bypass City Council review for certain decisions, with potential ballot adoption in November.
- Candidate Q&A: State Senate District 9 – Stanley Chang
Stanley Chang, a candidate for State Senate District 9, proposes establishing a sovereign wealth fund to invest state revenues like the Green Fee and rainy day fund into stocks.
- Pa. lawmakers hold weekend session to advance $50.8 billion spending plan
Pennsylvania lawmakers advanced a $50.8 billion spending plan after a week-and-a-half delay, including funding for public education, energy policies, and teacher pensions. The bipartisan budget excludes tax code changes and recreational marijuana, with the governor's proposed funding sources now requiring legislative action due to a court ruling.
- Michigan lawmakers work all night to pass $75B bipartisan budget
Michigan lawmakers passed a $75.2 billion bipartisan budget for fiscal year 2026-27 after an all-night session, avoiding new taxes and preserving the rainy day fund. The budget includes investments in education, healthcare, and community programs, though one senator opposed it citing structural issues.
- Newsom’s last budget: A 40% jump since he took office
California lawmakers are set to approve a $351 billion budget for 2026-27, marking a 40% increase in spending since Gov. Gavin Newsom took office. The plan includes new tax measures to raise $5 billion and allocates funds for childcare, homelessness, and healthcare programs. Fiscal analysts warn the state is vulnerable to economic downturns due to reliance on high-income earners and rising debt.
- Green Signals He May Veto Bill To Add $50M To Rainy Day Fund
Governor Green may veto a bill to add $50 million to the Rainy Day Fund. He also approved the new state budget and announced potential vetoes of measures related to school closures and teacher licensing.
- Golden State seeks to increase its rainy day fund through ballot measure
California lawmakers aim to increase the state’s rainy day fund cap from 10% to 20% through the Save For California’s Future Act, which also seeks to protect public school funding and pay down liabilities like federal Unemployment Insurance loans. The measure requires a two-thirds legislative vote by Thursday to qualify for November’s ballot.
- California leaders yet to reach deal to keep billionaire tax off the ballot. Time is running out
California leaders are negotiating with interest groups to remove controversial ballot measures, including a billionaire tax, before a Thursday deadline. Democrats have reached a deal with Uber and trial lawyers to withdraw competing initiatives, while finalizing measures to fund affordable housing and increase the rainy day fund deposit cap.
- Editorial | NYC should save it for a ‘rainy day’ in future budgets
Mayor Zohran Mamdani and City Comptroller Mark Levine proposed a charter amendment to strengthen New York City's Reserve Stabilization Fund (rainy day fund), aiming to set a 10% tax revenue savings target. The amendment seeks to establish formula-based deposits and withdrawal limits to prevent misuse, addressing a $5.7 billion budget deficit and ensuring fiscal resilience.
- Delaware lawmakers propose adding $87M to FY2027 budget, exceeding governor’s growth cap
Delaware lawmakers added $87.4 million to the state's FY2027 budget, exceeding Governor Matt Meyer’s 5% spending growth cap. The Joint Finance Committee increased total spending to $7 billion and one-time supplemental spending to $146.2 million, supported by projected additional revenue from the Delaware Economic and Financial Advisory Council. The budget did not draw from the state’s rainy day or stabilization funds.