SB129 Summary

• Creates the General Fund Budget Reserve Fund within the State Treasury to accumulate surplus revenues for budget stabilization purposes.

• Transfers 20% of unanticipated and unappropriated General Fund ending balances into the reserve fund annually beginning October 1, 2020, with transfers to stop once the fund reaches $100,000,000.

• Allows emergency withdrawals to prevent General Fund proration upon Governor certification, limited to the amount necessary to avoid proration.

• Permits supplemental appropriations from the fund with a two-thirds vote in both legislative chambers for revenue shortfalls, state employee pay raises or bonuses, or unanticipated obligations, only when the fund balance exceeds $50,000,000.

• Takes effect immediately upon passage and approval by the Governor.