California's Proposition 4, a legislatively referred measure on the November 3, 2026 ballot, would repeal the 1988 ban on public campaign financing and let state and local governments create optional programs subject to spending limits, eligibility rules requiring broad local support, and restrictions barring use of education, transportation, or public safety funds. The measure advanced through the Legislature on largely party-line votes last year with Democratic support and Republican opposition, creating the current near-even trader consensus reflected in the slim "No" lead. Supporters including Common Cause and the League of Women Voters emphasize reduced reliance on large donors, while taxpayer groups highlight potential costs and argue against directing public resources to campaigns. Existing programs in five charter cities provide precedent, but the outcome remains sensitive to final voter mobilization and any late shifts in advertising or endorsements before election day.