November 3, 2026 general election
California Proposition 2; what a yes or no vote means.
Changes how California builds budget reserves and pays certain debts; it also raises the cap on the main rainy day fund.
Bottom line
What Proposition 2 does
Changes how California builds budget reserves and pays certain debts; it also raises the cap on the main rainy day fund.
The measure is a legislative constitutional amendment placed on the ballot by legislature. Its official title is “Increases State's Rainy Day Fund.”
A yes vote
Yes means
Reserve-building and debt-payment rules would change; state budget reserves would be higher and extra debt payments would continue longer.
A no vote
No means
The current reserve-building and debt-payment rules would remain in place.
State estimate
What it could cost
State budget reserves would be higher.
That is the fiscal effect summarized from the state voter guide. Estimates describe likely government effects; they are not a promise of an exact future result.
Primary record
Read the complete state analysis
This explainer is a starting point. The Secretary of State’s guide carries the impartial analysis, fiscal estimate, arguments for and against the measure, rebuttals and proposed law. Read that record before making a decision.
Open the official Proposition 2 guide