SB248 Summary

• Proposes a constitutional amendment to establish a maximum annual appropriation cap for the Education Trust Fund beginning with fiscal year 2017, calculated based on recurring revenues from the prior year plus growth adjustments.

• Creates an Education Trust Fund Budget Stabilization Fund to prevent budget proration, allowing temporary withdrawals only when the Governor certifies that proration would occur and limiting withdrawals to the amount necessary to avoid proration.

• Establishes an Education Trust Fund Capital Fund for construction, reconstruction, equipment acquisition, technology infrastructure, and payment of education facility indebtedness, which is not subject to the appropriation cap.

• Directs that excess revenues above the appropriation cap be transferred first to repay the Education Trust Fund Rainy Day Account, then split 70% to the Budget Stabilization Fund and 30% to the Capital Fund.

• Requires voter approval through a general election conducted according to state law and constitutional procedures.