A state oversight board has signed off on the city's five-year budget plan. The city's five-year plan includes deposits into its reserve funds that were already at a record high, and keeps it on a trajectory to fully fund its pension obligations. Under the plan, the city would use surpluses from earlier years to plug gaps in the later years, Dubow said. The plan includes two deposits to the city's record rainy day fund, which S&P analyst Bobby Otter said inspires confidence. The city's pension obligations are currently 67% funded, Dubow said.