Proposition 2 — rainy day fund

What a YES vote does

YES raises the state rainy day fund limit, changes deposit rules and extends extra debt payments.

Official vote explanation, November 2026 edition; publication day unstated; retrieved 2026-10-05.

What a NO vote does

NO keeps the current state reserve and extra debt-payment rules.

Official vote explanation, November 2026 edition; publication day unstated; retrieved 2026-10-05.

Cost and money

The official analysis expects higher reserves over time and possibly more debt payments through 2040.

It gives no fixed dollar total; future revenue and budget decisions control the result.

Official fiscal analysis, November 2026 edition; publication day unstated; retrieved 2026-10-05.

Who put it on the ballot

Legislature, ACA 20 (Gabriel); certified June 25, 2026.

Official qualified list, undated, retrieved 2026-10-05; Secretary Shirley Weber's certification release, 2026-06-25. Weber is the certifying official, not the measure's sponsor. June 25 is certification, not a claim that every legislative vote occurred that day.

A rule that matters

The reserve ceiling rises from 10% to 20% of General Fund taxes.

Reserve deposits are excluded from the spending limit. A larger ceiling does not guarantee that legislators will deposit money every year.

Official analysis and law, November 2026 edition; publication day unstated; retrieved 2026-10-05.

Who is paying

SOS daily chart: Yes $0.00; No $0.00. Quick Guide, undated daily snapshot retrieved 2026-10-05. The chart applies election-cycle/allied-transfer adjustments. Committee exports below use their own records and may include later receipts, shared campaigns, intermediary money and nonmonetary support. Differences remain unreconciled; do not add them or treat the chart as a committee balance.

Yes: no funded primary committee verified

SOS daily chart reports $0.00 for this side. No top-five donor ranking is available; zero reported in this chart does not mean no advocacy or no undisclosed money. Source: Quick Guide snapshot, 2026-10-05.

No: no funded primary committee verified

SOS daily chart reports $0.00 for this side. No top-five donor ranking is available; zero reported in this chart does not mean no advocacy or no undisclosed money. Source: Quick Guide snapshot, 2026-10-05.

Why: who benefits

Public-service users can benefit from a larger downturn cushion.

Opponents argue that excluding deposits from the spending limit makes taxpayer rebates less likely; the official analysis does not estimate that effect. Governor Gavin Newsom is identified as a supporter in the official support argument; Carl DeMaio signs against. Neither fact establishes a donation.

Official law and analysis, November 2026 edition; publication day unstated; retrieved 2026-10-05; committee/interest declarations and dated receipts above. Endorsement claims are identified as claims in the official arguments. The published arguments are the signers' opinions, not agency-verified findings.

Existing database, checked 2026-10-05: Secretary of State organization #15343; Shirley Weber politician #100 (certification role only). Funder rows above link the recorded find and resolve results, including exact entity IDs. Near matches were not merged; profiles and prior evidence are leads, not proof about this measure. Lookup custody.

Our view — opinion

What remains unknown

Money received after the captured filings, unfiled late receipts, unitemized donor detail, ultimate sources behind intermediaries, and a full reconciliation between SOS adjusted totals and gross committee receipts remain unknown. Donor rankings aggregate captured receipts within a committee; they do not rank ultimate wealth owners. Loans are identified separately where available.