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California · November 3, 2026 general election · Statewide ballot measure

Proposition 2: what your vote means

State rainy day fund. On every California ballot. Official sources checked October 21, 2026.

Proposition 2 · Legislative constitutional amendment

State rainy day fund

Official ballot title (quoted exactly)

INCREASES STATE’S RAINY DAY FUND. LEGISLATIVE CONSTITUTIONAL AMENDMENT.

As printed in the Official Voter Information Guide, California Secretary of State (title prepared by the Attorney General).

A YES vote means:

The state would keep saving in its rainy day fund until it reaches 20% of General Fund taxes (instead of 10%) and would make extra debt payments through 2040 (instead of 2030).

A NO vote means:

The current rules for building state budget reserves and making extra debt payments would not change.

What it would change

  • Reserves: raises the rainy day fund target from 10% to 20% of General Fund taxes.
  • Debt payments: extends required extra state debt payments from 2030 to 2040.
  • Spending limit: deposits into the rainy day fund would no longer count toward the state appropriations (spending) limit.
  • Fiscal impact (Legislative Analyst): state budget reserves would be higher; the state might make more debt payments than it would otherwise.

Official arguments, summarized

Short neutral summaries of the arguments printed in the official voters’ pamphlet. The committees that wrote them are responsible for their content. Read the full text at the link below.

Argument for

Supporters say a larger rainy day fund would keep education, health care, and public safety funded during downturns and limit overspending in surplus years.

Written by: Yes on Prop. 2 · yesonprop2.com

Argument against

Opponents say excluding reserve deposits from the state spending limit would make taxpayer rebates less likely and that the measure adds no new program funding.

Written by: David Tangipa, Assemblymember

Arguments and rebuttals, Proposition 2, Official Voter Information Guide

Who supports it and who opposes it

These lists come from official campaign filings (registered committees) and public endorsements, each linked to its source. They are not complete, and SaveYourState does not endorse anyone listed. Lists checked October 30, 2026.

Who supports it

Who opposes it

Official sources

SaveYourState is independent and nonpartisan, not a government site, and does not take positions on ballot measures. This explainer describes effects only, using the official ballot title, explanatory statement, full text, and fiscal impact statement. If anything here differs from those documents, the official documents control.