California Proposition 2: Rainy-day reserves and debt payments
California · Constitutional amendment · Budget · Statewide decision
Explanation reviewed 2026-10-27. AI-written and checked against linked official evidence; not an election-office summary.
AI-written summary
Would raise the reserve target to 20%, increase deposits in strong revenue years and extend extra debt payments through 2040 while broadening their uses. Certain reserve deposits would count against the spending limit when withdrawn rather than when deposited.
What applies now
Required rainy-day deposits stop at 10% of General Fund tax revenues; required extra debt payments end in 2030. Deposits generally count against the spending limit.
If yes / for
Adopt the higher savings target and revised debt and spending-limit rules.
If no / against
Keep the current reserve and debt-payment rules.
Costs and funding
The Legislative Analyst expects higher reserves and potentially more extra debt repayments; no single dollar estimate is given.
Timing
Implementation date not independently established in this baseline.
Passage rule
A majority of votes cast on the proposition.
Some official sources do not have comparable automated archives. Consult the linked evidence and its review date.