AL HB465

Creates the General Fund Budget Reserve Fund within the State Treasury to hold deposits and accrued interest, with withdrawals limited to uses specified in the act.

Transfers 20% of unanticipated and unappropriated General Fund ending balances into the reserve fund each October 1, beginning in 2020, but only when the fund balance is less than $100,000,000.

Permits withdrawals to prevent General Fund proration upon gubernatorial certification and legislative notification, limited to the amount necessary to avoid proration.

Allows supplemental appropriation withdrawals for revenue shortfalls, state employee pay raises or bonuses, or unanticipated obligations, requiring a two-thirds recorded vote in both legislative chambers and only when the fund balance exceeds $50,000,000.

Becomes effective immediately upon passage and gubernatorial approval.